Sounds like all divisions have started FY26f well; Management focused on investment into supply chain and AI; Don’t seem keen for any large acquisitions; Sitting on R4.1bn in net cash (excl lease liabilities); Margin improvement is a highlight, now need topline to grow, SA consumer still under pressure; Can and have started releasing a bit more credit; With ROCE well above WACC and earnings growth likely to be in the mid-teens, I think MRP is a quality compounder that you hold as a “banker” in a local portfolio; If SA macro improves MRP will do very well; I estimate MRP is trading at c. 14.5x forward P/E, in line with its 5-yr historical forward P/E ratio and a c. 4% forward dividend yield. My preference amongst the consumer discretionary retailers I cover is LEW, MRP, PPH, WHL, TRU and TFG.