Thinking about this more broadly, if Tyro are seeing a strong uptick in transactions as shoppers get ‘out and about’ this creates a negative read through for online retailers. Kogan (KGN), Adore Beauty (ABY) and Temple & Webster (TPW) were beneficiaries last year as more people pulled the cards out at home and ordered online however we question whether or not we now have too much exposure to online retail in this portfolio. We like Adore given it’s executing well in a niche market, leaving KGN & TPW as potentials sells.
MM are sellers of strength in either TPW & KGN
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