Taking a bite at SFH, page-21

Re deferred lease incentives; depends whether fit out, lease free or straight line etc.

Straight line

Re Moody’s example; retailers are capital light. Business risk issue is commitments made.

True, but not the point. Point is Moody’s generates sustainable strong FCF, while SFH doesn’t.

Noting you’ve yet to land on two critical items; 1. losses that no longer repeat from store closures

Incorrect, re-read my initial post.

and 2. forecast stock on hand.

That is also implicit in the stabilised revenue assumption (re-read my initial post).

End from me on this one, best of luck!

Likewise to you.