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Added a month ago

FY19 reports SSS recovering, and rollout in USA and Europe gathering pace. Valuation increased accounting for increased store rollouts in USA and France. Expectations for FY20 rollouts will be that it exceeds FY19 (i.e. > 64 new stores).

Added 7 months ago
#Bull Case

Updated valuation based on HY19.

New store rollout faster than anticipated. USA and France now out of pilot clarifies the runway of further stores.

Same Store Sales flatlining is a concern, but factored in the valuation.

Key watch point will be the speed of store rollouts.