MYSL’s online capability and operating flexibility allowed it to navigate CV19 and pivot from loss to profit in Q4, a trend that strengthened in recent FY21 trading with EBITDA margin already 5%. There is substantial potential for MYSL post-CV19 as the channel shift accelerates in ANZ, and by leveraging counter seasonal opportunities and providing brands with access to its ANZ customers. This includes fresher stock at lower discounts/higher margin. Excess inventory in the northern hemisphere is clearly an opportunity too. With a highly scalable business model, expanding EBITDA margins, and now with net cash and a working capital surplus, prospects are bright. We have reinstated forecasts given the improved visibility.