value?

Hi all,
I was wondering what you guys thought about the impact of ZARA's advent on the retailing scene. I believe that pmv i.e lew holds rights to zARA in australia.
SFH looks excellent value on all metrics with a good ROE , but Do you guys see the ROE maintained at that level?
La senza is in the roll out stage and I see a niche being carved there, that may be profitable but that may take some time imo.
My conservative valuation is around 2.50 , what do others think?
Cheers