Thanks @NewbieHK - I own in IRL and on here. I'm holding on, mainly because I see these issues as cyclical rather than structural and I didn't see anything here that changes my thesis - good staple business that should hold up well in a downturn. I suppose also I just don't have that many good ideas and would find it hard to redeploy the cash (I struggle to get fully invested at the best of times) - we'll see what happens with the dividend as a result, but I agree on your comments on being a dividend play.

Not massive but always good to see directors buying - there’s a million reasons to sell but only one reason to buy…

Thanks Rick - that's interesting. I think whenever you've got a major PE shareholder, you know there's going to be some sort of exit in a 3 to 5 year time frame - they're bringing this on early by the looks. Personally, whilst I think you can't ignore these things, you can also take too much notice. I'm still interested as it still looks like a reasonable business at a reasonable price...

Hi all,

Just starting on this forum, my first post (so be gentle)...

I find BST's numbers interesting - I haven't done a DCF or similar, but appears to me a business that has done well despite COVID closures, and may come into its own as economic conditions get harder (or if they do). As of last report has a strong ROE (over 50% for FY22), a sub-10 PE and is growing, after coming out of the Steinhoff mess (with Allegro's help) - no debt and holds approx. $30m cash. There is some noise in the comparable years as a result of the restructure, and I see no-one's commented on this yet, and it appears unloved. Some risks around supply chain in China may be holding it back. Other risks I see is currency issues and/or stocking problems, but looks OK to me. Do others have other insights here?

I don't hold this personally or in Strawman, just considering it...