Confession time: when Greg asked me if I was wearing StepOne's in the interview, i suggested I was.. He took me off guard and I was trying to be nice.

Truth is, i'd never worn a pair.

So, following the interview, I bought some online.

The experience in terms of ordering, messaging and delivery was all fantastic.

And the undies? yeah, I get it now. I dont think i'll be going back to the kmart 8-pack anytime soon.

I don't hold shares (although that might change), and certainly not trying to suggest others should, but just offering some customer feedback.

I do wonder how easily others copy what they've done -- it's hard to spot a moat here. But as @mushroompanda said "sometimes it only takes being 1% better here, and another 1% better there, and it adds up to become and multi-year growth story. How did Under Armour, Hoka shoes, or Lululemon become success stories in highly saturated markets? Did they have a clearer moat when they were fledgling companies?"

Well, this was one of the easier interviews I've ever done -- Greg is certainly a talker! But also, he came across as very genuine and his enthusiasm is contagious!

This has got to be one of the more impressive start-up stories I've ever heard. Amazing to think he went from his first orders being fulfilled in his bedroom in 2017, to $60m in sales by the time it listed! Even wilder, he was the 100% shareholder at that time because he couldn't secure any funding!! Amazing.

Oh, and it was already profitable then too, and he very much seems to be a conservative manager of cash (hard lessons learned from previous endeavours)

Another mind blow -- the Sydney head office has 10-12 people, according to Greg. It's an extremely lean affair -- they outsource everything -- manufacturing, logistics etc. The big exception being advertising; they don't use agencies.

So the model is very capital light. As Greg says they can afford to try a lot of things without risking too much (eg new geographies, ranges etc)

The fact they can deliver such strong sales and earnings growth AND payout 100% of earnings as dividends is testament to that. And the balance sheet is rock solid (although I have emailed him to clarify that - he said they had #38m in cash, as does the investor preso, but the Balance Sheet reports $28m.. I think someone has referenced the wrong year when putting the slide deck together)

The move into womens undies seems like a no-brainer, and the numbers reported today show really strong growth. I suggested this would double the TAM, but as Greg said it actually triples it because women (in general) spend twice as much as men in this area.

Another interesting thing Greg mentioned was a desire to build a legacy for his grand children. Maybe he's just saying things that sound good, but it may reveal a longer term focus.

The other thing that stood out with these results were how they contrast to other retailers. Yes, it's tough out there, but there's clearly something about their brand that people are still more than happy to pay up for relatively expensive undies.

At present, you have a business on 15x EV/EBITDA, which doesnt seem excessive at all.

I'm not a shareholder, but that may change! Hoping others can throw some cold water on it for me.