A different reporting cycle, however, as a refresh, we own Metcash due to 1. Relative valuation trading on 13x forward while yielding 6.14% FF 2. The trend of greater localisation to drive earnings in food & liquor & 3. Their faster-growing hardware division becoming a big influence on the group leading to higher earnings + a greater rate of growth in earnings = justifying a higher multiple on those earnings.
MM remains bullish MTS ~$4.00
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