Whilst Dunelm has a strong track record since IPO, the EPS CAGR halved to 7.5% in FY13-16E vs. FY10-13, and FY16 marks the fewest new stores for 7 years. This is all set to change though. Strengthened leadership is deploying a more focused strategy at a time when the spending outlook is becoming more favourable. The quality of EPS will be further enhanced and the FY16-19 CAGR should trend up towards 15%. Special returns will continue (£0.25bn over 3 years). The shares should therefore outperform ....
