Yes the good performance of their home renovation business was hidden for a long time by their problems with Llyods. That's now behind them. The difficulty with this one is more that they had a strong boost in the short term from the home market. So we have to figure out what will be the average growth for them in the future. ST sales remain very strong, unlike a lot of other retailers. One of the nice thing of their model : very low level of Capex for their 2 chains, as it is just showrooms for KWB and the bedding business is almost entirely franchise. So they have really high free cash flow. Best case scenario would be if they can buy the minority interests of KWB. No idea of the probability if this may happen.
