Studio Retail’s share price is the same as in mid-Feb, before the market sell-off due to the pandemic. This feels anomalous to 1) its clear online position & value orientation, where there has been a notable shift post covid, 2) capacity withdrawal + scope for share gains in its addressable markets, and 3) rating expansion among its peers. Interims next week are likely to act as a catalyst for re-rating, where there is a lot of headroom vs a c8x P/E currently.