FY23 was a tough year, given several external macro headwinds on top of the margin drag from its internal decision to reduce elevated stock levels. If the goal was to reduce ND while also embedding future growth initiatives, then FY23 should be seen as a success. Conditions for discretionary spending remain difficult across its markets, so the focus is on leveraging recent investments, increasing product margins and driving efficiency. Although H2-weighted, FY24 expectations look underpinned by a number of self-help measures. Sentiment should improve on the back of improved FCF and, with the long term equity story intact, we stay at Buy.