Good that you are now looking at Nick Scali, as I wanted to have another look to this company. It seems to me that the story has not changed much since I wrote a post on 9/8/20 ("another interesting retailer"). The new element is probably the Plush acquisition. The main challenge (as noted on 9/8/20) is still about the stability of the earnings.
You have probably a fair point about valuation. Yes, valuation does not look that high based on FY 22 results, but the question is whether these results have been inflated by covid, like in so many other industries. As you indicate, their market cap is around 1 bn, while their equities are only 141 m. It can be justified by their exceptional level of ROE (underlying net profit of 80 m in FY 22 vs 141 m of equities). It is in particular due to a high level of net debt (255 m including leasing).
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