DAVY VIEW

Widespread store closures across the Primark estate and the likelihood of restriction extensions have prompted us to lower our FY 2021 EBIT estimates – we model for restrictions lasting through March-end. Our assumptions for FY22 EBIT and EPS remain broadly unchanged. Despite the extended dislocation across the retail landscape, ABF remains a quality operator with significant franchise value in Primark. The COVID crisis playbook is now in place – exemplary inventory and cash management is a key attribute of the ABF/Primark model. Its diversified structure will continue to serve it well through FY 2021. The recently announced ESG investor series, ABF’s first, is an important development for all stakeholders.