1 00:00:05,600 --> 00:00:08,240 Speaker 1: Welcome to the Fear and Greed Business Interview. I'm Suan Alma. 2 00:00:08,400 --> 00:00:10,680 Speaker 1: So far this reporting season, some of the more interesting 3 00:00:10,720 --> 00:00:14,200 Speaker 1: stocks to watch have been the retailers. Online group Temple 4 00:00:14,240 --> 00:00:17,040 Speaker 1: and Webster was able to burst sales well. JB High 5 00:00:17,040 --> 00:00:20,360 Speaker 1: Fi announced a big special dividend. That's despite the cost 6 00:00:20,360 --> 00:00:23,279 Speaker 1: of living crisis and higher interest rates hitting consumer spending. 7 00:00:23,760 --> 00:00:25,160 Speaker 1: I wanted to take a bit of a look at 8 00:00:25,160 --> 00:00:27,840 Speaker 1: some of the retailers that have already reported and what's 9 00:00:27,880 --> 00:00:30,600 Speaker 1: still to come. Remember this is general information only and 10 00:00:30,640 --> 00:00:34,040 Speaker 1: you should seek professional advice before making investment decisions. Ben 11 00:00:34,080 --> 00:00:37,640 Speaker 1: Gilbert is the head of Australian Research at Jardin, leading 12 00:00:37,680 --> 00:00:41,480 Speaker 1: their research team and consumer sector coverage. Ben, welcome back 13 00:00:41,520 --> 00:00:42,240 Speaker 1: to Fear and Greed. 14 00:00:42,640 --> 00:00:43,839 Speaker 2: Thank you sure, thanks for having me. 15 00:00:44,320 --> 00:00:46,280 Speaker 1: I know you're going to get very, very very busy 16 00:00:46,320 --> 00:00:48,360 Speaker 1: next week because a lot of the retailers are still 17 00:00:48,400 --> 00:00:51,120 Speaker 1: to come. But let's just start with JB Hi Fi. 18 00:00:51,200 --> 00:00:53,560 Speaker 1: What do you make of that result? To be honest, 19 00:00:53,880 --> 00:00:56,480 Speaker 1: I was a bit confused by it because I thought 20 00:00:56,640 --> 00:00:59,680 Speaker 1: that it was perhaps a bit the outlooks a bit softer, 21 00:00:59,720 --> 00:01:01,280 Speaker 1: but it's share price took off on the day. 22 00:01:01,880 --> 00:01:04,480 Speaker 2: Yeah, it's an interesting one because I think what we've 23 00:01:04,520 --> 00:01:07,200 Speaker 2: done from a market standpoint, and probably the analyst communities, 24 00:01:07,200 --> 00:01:09,959 Speaker 2: we've talked ourselves into sort of a pretty negative hole 25 00:01:10,319 --> 00:01:12,920 Speaker 2: over lights of twelve eighteen months. From a consumer standpoint, 26 00:01:13,440 --> 00:01:15,839 Speaker 2: all the data everything out there suggests that the spending 27 00:01:15,880 --> 00:01:17,680 Speaker 2: back drop should be a lot worse than it actually 28 00:01:17,760 --> 00:01:20,480 Speaker 2: has been. And as a consequence, when we've been putting 29 00:01:20,480 --> 00:01:23,640 Speaker 2: our forecats out, we've been forecasting some pretty significant declines. 30 00:01:23,920 --> 00:01:26,320 Speaker 2: So while their earnings were down in the mid teens 31 00:01:26,360 --> 00:01:29,560 Speaker 2: for the year, the trends are improving. The second half 32 00:01:29,640 --> 00:01:33,920 Speaker 2: trends were down around ten and importantly you're staying seeing 33 00:01:34,000 --> 00:01:37,240 Speaker 2: from improving the mentum across the division. So the Good 34 00:01:37,240 --> 00:01:40,040 Speaker 2: Guys was with positive jabby high Australia had a pretty 35 00:01:40,040 --> 00:01:42,720 Speaker 2: strong start to the year, and even New Zealand, which 36 00:01:42,840 --> 00:01:44,959 Speaker 2: has got some real challenges at the moment, still saw 37 00:01:45,000 --> 00:01:48,680 Speaker 2: total growth up because they're accelerating the rollout, so it's 38 00:01:48,720 --> 00:01:51,960 Speaker 2: a lot of it's around trajectory and also around market expectations, 39 00:01:52,200 --> 00:01:55,800 Speaker 2: and market expectations were relatively low and it came out 40 00:01:55,800 --> 00:01:59,680 Speaker 2: with a pretty solid result, high quality result, a good 41 00:01:59,680 --> 00:02:02,400 Speaker 2: cash and a nice little special dividend. To boot. 42 00:02:03,400 --> 00:02:06,840 Speaker 1: I like companies that have stable management and mean people 43 00:02:06,880 --> 00:02:10,480 Speaker 1: talk about Richard White at WIS Tech. Jab Hifai is 44 00:02:11,040 --> 00:02:13,959 Speaker 1: the founder, but they've only had two CEOs over fifteen years. 45 00:02:14,800 --> 00:02:17,880 Speaker 1: Terry Smart is the current manager. Does it matter. 46 00:02:19,320 --> 00:02:22,080 Speaker 2: Three CEOs? We've had two Richards and one Terry, but 47 00:02:22,160 --> 00:02:25,400 Speaker 2: Yr Terry's back in the second go a CEO. LEC. 48 00:02:25,480 --> 00:02:28,480 Speaker 2: Terry and Richard Utriz joined this business very early days 49 00:02:28,520 --> 00:02:32,160 Speaker 2: before it listed. They worked together previously at Rabbit Photo. So, 50 00:02:32,600 --> 00:02:34,760 Speaker 2: as you said, there's a lot of corporate knowledge and 51 00:02:34,760 --> 00:02:37,519 Speaker 2: corporate history that goes behind that, and I think it's 52 00:02:37,560 --> 00:02:40,760 Speaker 2: just a consistent strategy that they're consistent in their approach. 53 00:02:41,400 --> 00:02:43,799 Speaker 2: They're very focused on the customer and if you look 54 00:02:43,800 --> 00:02:45,679 Speaker 2: at JV's on paper, it's one of, if not the 55 00:02:45,760 --> 00:02:48,960 Speaker 2: best of electronic to retailer globally. And to your point, 56 00:02:49,000 --> 00:02:51,880 Speaker 2: I think that consistency, that quality of management, staying to 57 00:02:51,919 --> 00:02:54,360 Speaker 2: the course but being aware of speed bumps or changes 58 00:02:54,400 --> 00:02:56,640 Speaker 2: they come along. It's really put them in great stead 59 00:02:57,320 --> 00:03:00,120 Speaker 2: and they've continued to take share. They continue to of 60 00:03:00,240 --> 00:03:02,560 Speaker 2: the business. If you go back fifteen years ago, we're 61 00:03:02,560 --> 00:03:06,080 Speaker 2: all talking about CDs and DVD's and obviously that industry 62 00:03:06,120 --> 00:03:07,840 Speaker 2: sort are dying into a slow death. On the physical 63 00:03:07,919 --> 00:03:10,600 Speaker 2: side at the moment they've evolved. You look at telcos 64 00:03:10,639 --> 00:03:12,960 Speaker 2: now it's the biggest category. They're one of the biggest 65 00:03:12,960 --> 00:03:17,200 Speaker 2: differently the biggest telco player in Australia taking considerable share 66 00:03:17,480 --> 00:03:20,160 Speaker 2: and a very very valuable partner fort to Telstra. We 67 00:03:20,280 --> 00:03:22,160 Speaker 2: look at what's coming next. You look at AI, you 68 00:03:22,200 --> 00:03:23,799 Speaker 2: look at the evolution it's going to come with some 69 00:03:23,919 --> 00:03:26,160 Speaker 2: of the tech around that. Again, that's a massive opportunity 70 00:03:26,200 --> 00:03:28,880 Speaker 2: to look at connected home. They're just doing a great job. 71 00:03:29,240 --> 00:03:30,919 Speaker 2: And then there's a few other little interesting things I 72 00:03:30,919 --> 00:03:33,480 Speaker 2: think sort of bubbling under the covers at the moment, 73 00:03:33,480 --> 00:03:35,640 Speaker 2: which will probably start coming up and might see become 74 00:03:35,880 --> 00:03:38,280 Speaker 2: more material over the next few years. They're just recently 75 00:03:38,400 --> 00:03:41,160 Speaker 2: launched a marketplace and I think there's a few other opportunities. 76 00:03:41,200 --> 00:03:44,600 Speaker 2: It's adjacencies like media. The JAB high flight perks business 77 00:03:44,680 --> 00:03:46,760 Speaker 2: got at one point six million users on it and 78 00:03:46,840 --> 00:03:49,520 Speaker 2: growing quickly. There's a lot to like. We've had an 79 00:03:49,560 --> 00:03:52,320 Speaker 2: underweight to it. We've been roll but perhaps off it's 80 00:03:52,360 --> 00:03:54,400 Speaker 2: a cracker result and that the team's doing a great job. 81 00:03:55,480 --> 00:03:57,120 Speaker 1: Okay, do you think this week, it can flow through. 82 00:03:57,160 --> 00:03:59,760 Speaker 1: We've got people like Brival Group coming out super retail 83 00:04:00,080 --> 00:04:03,280 Speaker 1: reject shop I mean Indians Group. I suppose that's a 84 00:04:03,400 --> 00:04:07,480 Speaker 1: slightly difference. Manufacturer. Do you think that we will see 85 00:04:08,160 --> 00:04:10,000 Speaker 1: as good results from the retailers? 86 00:04:10,960 --> 00:04:15,280 Speaker 2: Yeah, Look, I think versus expectations, I think on balance, 87 00:04:15,680 --> 00:04:18,240 Speaker 2: all of those ones you just mentioned should be pretty good. 88 00:04:18,760 --> 00:04:20,640 Speaker 2: And the reason for that is is that as US 89 00:04:20,720 --> 00:04:23,880 Speaker 2: analysts and the investors out there will put out their forecasts, 90 00:04:23,960 --> 00:04:27,120 Speaker 2: and as I said before, we've generally been pretty cautious. 91 00:04:27,440 --> 00:04:29,480 Speaker 2: But if we look at the data that's coming out 92 00:04:29,480 --> 00:04:31,160 Speaker 2: at the moment, I was just looking at some sort 93 00:04:31,160 --> 00:04:32,800 Speaker 2: of the West Back credit card data that's come out 94 00:04:32,880 --> 00:04:35,880 Speaker 2: last week, and that's showing that spending has really started 95 00:04:35,920 --> 00:04:38,680 Speaker 2: to continue to tick up through August. So I think 96 00:04:38,800 --> 00:04:40,520 Speaker 2: as long as the four year results are sort of 97 00:04:40,560 --> 00:04:43,240 Speaker 2: there or thereabouts and the quality is okay, you're not 98 00:04:43,279 --> 00:04:45,960 Speaker 2: seeing any big inventary build ups or imagery overhangs, which 99 00:04:46,000 --> 00:04:49,480 Speaker 2: creates some risk around clearance anti fiscal twenty five. The 100 00:04:49,560 --> 00:04:51,560 Speaker 2: focus is really going to be around the training updates, 101 00:04:52,080 --> 00:04:54,440 Speaker 2: and as I said, the July and August spinning data 102 00:04:54,480 --> 00:04:57,680 Speaker 2: is looking better. The tax cuts are definitely being spent 103 00:04:57,839 --> 00:04:59,200 Speaker 2: and I don't think people are sort of tacking them 104 00:04:59,200 --> 00:05:01,600 Speaker 2: away into their pillow for a rainy day. And what 105 00:05:01,760 --> 00:05:04,000 Speaker 2: that's leading to is is a pretty robust environment at 106 00:05:04,040 --> 00:05:06,839 Speaker 2: the moment. So super retail look, I expect the call 107 00:05:06,880 --> 00:05:10,280 Speaker 2: of whether plus the tax cuts will help them. Ingham's look, 108 00:05:10,320 --> 00:05:12,560 Speaker 2: I think that the grocery siders against starting to see 109 00:05:12,600 --> 00:05:15,320 Speaker 2: some light coming through, which should be a positive reject 110 00:05:15,400 --> 00:05:18,039 Speaker 2: jobs benefiting from the fact that consumers are seeping out value. 111 00:05:18,240 --> 00:05:20,320 Speaker 2: You look at things like Team Mill et cetera. It's flying, 112 00:05:20,760 --> 00:05:22,680 Speaker 2: so yeah, I think sort of bubbling away, we should 113 00:05:22,680 --> 00:05:25,680 Speaker 2: see some optimism. You touched on Brevel as well. Bred 114 00:05:25,800 --> 00:05:27,360 Speaker 2: was a bit of a different beast in the sense 115 00:05:27,440 --> 00:05:30,480 Speaker 2: that the focus for their business is really offshore, and 116 00:05:30,600 --> 00:05:32,040 Speaker 2: I think again it'll give a bit of a good 117 00:05:32,080 --> 00:05:34,960 Speaker 2: proxy around what's happening in Europe, what's happening in the US, 118 00:05:35,400 --> 00:05:36,920 Speaker 2: and we're also going to be looking to Asian there 119 00:05:36,960 --> 00:05:38,520 Speaker 2: as well as they continue to sort of build out 120 00:05:38,600 --> 00:05:40,919 Speaker 2: some what are some pretty material opportunities in that market. 121 00:05:41,440 --> 00:05:43,159 Speaker 1: Stay with me, Ben, we'll be back in a minute. 122 00:05:50,800 --> 00:05:54,240 Speaker 1: I'm speaking to Ben Gilbert, head of Australian Research at Jarden, 123 00:05:55,360 --> 00:05:57,240 Speaker 1: I'm going to move on from the retailers just for 124 00:05:57,320 --> 00:06:00,760 Speaker 1: a moment. Ben that Domino's Pizza last came out and 125 00:06:00,800 --> 00:06:02,720 Speaker 1: said that Don May's sister, who has been in the 126 00:06:02,760 --> 00:06:05,440 Speaker 1: business for thirty six years. She's no novice, that's for sure. 127 00:06:05,640 --> 00:06:09,640 Speaker 1: She's taking over the Australian and New Zealand operations there. 128 00:06:09,680 --> 00:06:14,040 Speaker 1: Results are out on the twenty first on Wednesday. What's 129 00:06:14,400 --> 00:06:16,840 Speaker 1: your take on Dominoes because it really has had a 130 00:06:16,920 --> 00:06:17,720 Speaker 1: rough trot. 131 00:06:18,240 --> 00:06:21,680 Speaker 2: It has. It's been a challenging and interesting few years 132 00:06:21,760 --> 00:06:25,880 Speaker 2: for Dominance. It's a nice way of putting it, Ben, 133 00:06:27,000 --> 00:06:30,200 Speaker 2: It's an amazing business. I think it's like for all 134 00:06:30,279 --> 00:06:32,640 Speaker 2: of us if you walk in and you just think 135 00:06:32,680 --> 00:06:34,400 Speaker 2: you're ordering a pizza and you think it just sort 136 00:06:34,400 --> 00:06:36,280 Speaker 2: of gets popped together and it pops out. But the 137 00:06:36,360 --> 00:06:38,720 Speaker 2: technology that sits behind that, trying to preamp on people 138 00:06:38,720 --> 00:06:41,039 Speaker 2: who are ordering when they're on the app, tryize delivery. 139 00:06:42,400 --> 00:06:44,840 Speaker 2: It's a phenomenal business. I think it's just had some 140 00:06:44,960 --> 00:06:48,719 Speaker 2: pretty significant growing pains, and you've seen that in Japan. 141 00:06:49,080 --> 00:06:52,240 Speaker 2: Too many stores, too much breadth, and probably haven't been 142 00:06:52,240 --> 00:06:54,680 Speaker 2: able to do some of those core regions justice from 143 00:06:54,680 --> 00:06:58,200 Speaker 2: a marketing standpoint, France has just been a perennial disappointer 144 00:06:58,520 --> 00:07:02,719 Speaker 2: and then Australia's competitive backdrop plus costs, so it's hard 145 00:07:02,760 --> 00:07:05,280 Speaker 2: to see what else can go wrong in Dominoes at 146 00:07:05,320 --> 00:07:08,040 Speaker 2: the moment. And it's one of those ones where expectations 147 00:07:08,080 --> 00:07:10,920 Speaker 2: are super super low. So Dominoes can come out and 148 00:07:11,040 --> 00:07:13,880 Speaker 2: just be consistent in their messaging, consistent in their approach, 149 00:07:14,400 --> 00:07:16,920 Speaker 2: and start to see those earnings sticking up, gierating some 150 00:07:17,000 --> 00:07:20,040 Speaker 2: free cash. Look, it's arguably very cheap. You look at 151 00:07:20,040 --> 00:07:22,040 Speaker 2: where some of these multiples like Guzman et cetera training 152 00:07:22,360 --> 00:07:25,800 Speaker 2: regain its phenomenal business. But there's definitely pretty easy to 153 00:07:25,840 --> 00:07:28,520 Speaker 2: build a pretty snick an upside case. You touched on 154 00:07:28,600 --> 00:07:31,600 Speaker 2: the management change, Look, I think you look, it's a 155 00:07:31,720 --> 00:07:35,280 Speaker 2: very accomplished executive and you look at what Australia has 156 00:07:35,320 --> 00:07:37,080 Speaker 2: been able to achieve over the last sort of a 157 00:07:37,160 --> 00:07:39,920 Speaker 2: year or so. Australia for Dominoes is flying at the moment. 158 00:07:40,320 --> 00:07:43,200 Speaker 2: They've got their value positioning right, they've got the menu 159 00:07:43,280 --> 00:07:46,040 Speaker 2: innovation right, and they're staying to see some pretty good 160 00:07:46,080 --> 00:07:49,000 Speaker 2: top line trajectory coming through again. So look, I think 161 00:07:49,040 --> 00:07:51,320 Speaker 2: that's a good move. I think it'll free up down 162 00:07:51,400 --> 00:07:53,640 Speaker 2: to probably spend a bit more time globally where obviously 163 00:07:53,720 --> 00:07:56,800 Speaker 2: needs some attention to other areas. So look, I definitely 164 00:07:56,840 --> 00:07:59,400 Speaker 2: don't think they're out of the woods yet, but hopefully 165 00:07:59,440 --> 00:08:01,320 Speaker 2: where there's at the end the tunnel at the moment, 166 00:08:02,080 --> 00:08:04,560 Speaker 2: with the cost out the store consolidation they're doing, we 167 00:08:04,600 --> 00:08:07,360 Speaker 2: can start to see returns and earnings improve, and then 168 00:08:07,400 --> 00:08:09,080 Speaker 2: we should get a nice little kicker as well from 169 00:08:09,080 --> 00:08:11,720 Speaker 2: some amazing cogs gost to good Soul as we move 170 00:08:11,760 --> 00:08:14,120 Speaker 2: into fiscal twenty five and beyond, and. 171 00:08:14,200 --> 00:08:15,840 Speaker 1: Then quickly, I just want to mention one other sect 172 00:08:15,880 --> 00:08:18,960 Speaker 1: the travel sector we've got in the next couple of weeks. Hello, 173 00:08:19,040 --> 00:08:22,160 Speaker 1: World Flight Center Corporate travel management is out in a 174 00:08:22,200 --> 00:08:25,760 Speaker 1: couple of days. What's the prognosis for those guys, because 175 00:08:27,240 --> 00:08:29,320 Speaker 1: I find it really hard to follow the logic in 176 00:08:29,360 --> 00:08:30,440 Speaker 1: the travel center, to be honest. 177 00:08:31,560 --> 00:08:34,120 Speaker 2: Yeah, the travel space is an interesting one at the 178 00:08:34,200 --> 00:08:37,280 Speaker 2: moment because you can look at the numbers in terms 179 00:08:37,320 --> 00:08:39,679 Speaker 2: of what everyone's out there doing, spending on holidays, and 180 00:08:39,720 --> 00:08:42,720 Speaker 2: I think I've used this terminology before the ski holidays 181 00:08:42,760 --> 00:08:44,559 Speaker 2: which the boomers are going on, the spending kids in 182 00:08:44,679 --> 00:08:47,680 Speaker 2: errors and holidays and you can sit there and see 183 00:08:48,480 --> 00:08:51,079 Speaker 2: some pre skint inflation coming to an airfence, which you 184 00:08:51,160 --> 00:08:53,040 Speaker 2: then see that as sort of weak of t T. 185 00:08:53,200 --> 00:08:57,280 Speaker 2: There's a total transaction volume is flying through the agents. Ultimately, though, 186 00:08:57,640 --> 00:08:59,880 Speaker 2: what you're finding is that if people are spending on 187 00:08:59,880 --> 00:09:01,840 Speaker 2: the bit less on a flight of saving the money, 188 00:09:01,960 --> 00:09:03,880 Speaker 2: they might add another night or two nights onto their 189 00:09:03,920 --> 00:09:06,559 Speaker 2: accommodation and you're making four or five six times the 190 00:09:06,640 --> 00:09:10,480 Speaker 2: margin sing a rude night versus a flight. So there's 191 00:09:10,480 --> 00:09:12,960 Speaker 2: a few there's a numbrous, a little ecinations that are 192 00:09:12,960 --> 00:09:15,720 Speaker 2: sort of happening in the space at the moment. But ultimately, 193 00:09:16,080 --> 00:09:19,120 Speaker 2: I think your travel sector looks very interesting, particularly skewed 194 00:09:19,160 --> 00:09:21,839 Speaker 2: on the leisure side, because what we're seeing at the 195 00:09:21,920 --> 00:09:25,719 Speaker 2: moment is a lot of stimulation of demand. You look 196 00:09:25,760 --> 00:09:27,520 Speaker 2: at some of the data looms out from CBA and 197 00:09:27,559 --> 00:09:29,400 Speaker 2: their result last week in their pack one of my 198 00:09:29,480 --> 00:09:31,280 Speaker 2: favorite packs to always read to get a bit of 199 00:09:31,320 --> 00:09:34,520 Speaker 2: a pulse in the economy spending by cohort and age group. 200 00:09:34,600 --> 00:09:36,800 Speaker 2: It's all the boomers that are spending. So I think 201 00:09:36,840 --> 00:09:39,480 Speaker 2: the travel results be fine. And we talk about expectations, 202 00:09:39,480 --> 00:09:42,000 Speaker 2: I think expectations are our lives, so Flight Center is 203 00:09:42,040 --> 00:09:44,240 Speaker 2: one that we still continue to look think looks attractive. 204 00:09:44,280 --> 00:09:46,319 Speaker 2: And you've got some pretty clear catalysts coming up for 205 00:09:46,400 --> 00:09:47,200 Speaker 2: websit as well. 206 00:09:47,800 --> 00:09:50,439 Speaker 1: And just very quickly Coles and Woollies out next week, 207 00:09:50,600 --> 00:09:53,719 Speaker 1: not this week, West Harmers as well, throw Bunnings into that. 208 00:09:53,960 --> 00:09:54,920 Speaker 1: What do you think of those guys? 209 00:09:55,320 --> 00:09:58,160 Speaker 2: Yeah, Wesies just continues to define gravity and keep going 210 00:09:58,240 --> 00:10:03,160 Speaker 2: up again cracking business. Fundamentally, it looks super expensive, but 211 00:10:03,280 --> 00:10:05,040 Speaker 2: you look at the quality of the businesses led by 212 00:10:05,120 --> 00:10:07,080 Speaker 2: Buntings that sit within that and came up what they've 213 00:10:07,080 --> 00:10:09,520 Speaker 2: been able to do with Anco. I do think there's 214 00:10:09,559 --> 00:10:12,640 Speaker 2: some risk around some of the divisions within there, particularly 215 00:10:12,720 --> 00:10:15,160 Speaker 2: the wez F business, which is a chemical's energy and 216 00:10:15,240 --> 00:10:18,960 Speaker 2: fertilizer side. We'll obviously see what's happening with lithium squad 217 00:10:19,200 --> 00:10:22,319 Speaker 2: and placing. There's also some some input cost pressures, so 218 00:10:22,760 --> 00:10:24,600 Speaker 2: I do think the margin is a little bit of risk, 219 00:10:24,800 --> 00:10:27,920 Speaker 2: but again people want to play the consumer over sort 220 00:10:27,920 --> 00:10:29,720 Speaker 2: of seventy percent of the value in the business lies 221 00:10:29,720 --> 00:10:32,600 Speaker 2: in consumer phasing companies, So look, I think the focus 222 00:10:32,640 --> 00:10:34,520 Speaker 2: that will be on the update. If they can come 223 00:10:34,559 --> 00:10:36,880 Speaker 2: in and hit numbers, I think that should still be okay, 224 00:10:37,480 --> 00:10:40,839 Speaker 2: look the supermarkets again. Look you've seen grocery spending is 225 00:10:40,840 --> 00:10:43,640 Speaker 2: picking up again at the moment. The big debate at 226 00:10:43,679 --> 00:10:46,520 Speaker 2: the moment is Coles via Woolies. Woolies obviously had a 227 00:10:46,559 --> 00:10:49,760 Speaker 2: shocker in their training update in the first quarter. Coles, 228 00:10:49,800 --> 00:10:52,080 Speaker 2: to their credit, did very well. I think the focus 229 00:10:52,200 --> 00:10:54,120 Speaker 2: is going to be on is as Willi has been 230 00:10:54,160 --> 00:10:56,559 Speaker 2: able to regain that lead. As Willie has been able 231 00:10:56,600 --> 00:10:59,320 Speaker 2: to sort of close the gap and very very focused 232 00:10:59,320 --> 00:11:01,440 Speaker 2: around the training day. And if we're seeing in momentum 233 00:11:01,480 --> 00:11:04,360 Speaker 2: coming back and look, I think it's worth noting it's 234 00:11:04,400 --> 00:11:06,679 Speaker 2: going to be Brad Bandouci. It's final result. I think 235 00:11:06,720 --> 00:11:08,720 Speaker 2: he's done a phenomenal job then and so to setting 236 00:11:08,720 --> 00:11:11,160 Speaker 2: that business up for the future. And I'm sure you'd 237 00:11:11,160 --> 00:11:12,719 Speaker 2: probably think that they like to set him out with 238 00:11:12,760 --> 00:11:13,760 Speaker 2: a decent result as well. 239 00:11:15,200 --> 00:11:19,400 Speaker 1: Ben, as always, you've covered about a dozen stocks intellectually 240 00:11:19,640 --> 00:11:23,360 Speaker 1: and been incredibly modest about it. You're not kind of 241 00:11:23,400 --> 00:11:26,160 Speaker 1: the typical investment analyst, I've got to tell you, well, 242 00:11:26,240 --> 00:11:27,600 Speaker 1: at least not the ones I've run across. 243 00:11:27,679 --> 00:11:29,240 Speaker 2: I hopeull that's a good thing. I appreciate it. 244 00:11:29,520 --> 00:11:33,319 Speaker 1: Absolutely no take that as an absolute compliment. Thank you 245 00:11:33,440 --> 00:11:35,000 Speaker 1: very much for talking to us this morning. 246 00:11:35,200 --> 00:11:35,960 Speaker 2: Thank you very much. 247 00:11:36,520 --> 00:11:39,400 Speaker 1: That has been gilderdhead of Australian Research at Jarden. This 248 00:11:39,520 --> 00:11:41,559 Speaker 1: is the Fear and Greed Business Interview. Remember this is 249 00:11:41,640 --> 00:11:44,320 Speaker 1: general information only and you should seek professional advice before 250 00:11:44,400 --> 00:11:47,079 Speaker 1: making investment decisions. Join us every morning for the full 251 00:11:47,120 --> 00:11:49,560 Speaker 1: episode of Fear and Greed. Daily business news for people 252 00:11:49,600 --> 00:11:52,400 Speaker 1: who make their own decisions. I'm sure I Elma enjoy 253 00:11:52,480 --> 00:11:52,760 Speaker 1: your day.