Competition restrains long-term margins.

Struggling customers limit upside.

German expansion offers blue sky.

US stores are struggling, but our investment thesis hinges on the Australian rollout.

Weaker profit result drives cut to fair value yet shares remain undervalued.

Undervalued ASX share on the right track.

The market responded favourably to results but shares still underpriced.

Shares rallied after results but we see future headwinds.

The global search for a new CEO is over, ending investor concern about leadership uncertainty.

Shares are still undervalued despite drop in profit margins.