Recent portfolio acquisition, BBN, has continued to re-rate as the market becomes more familiar with its business model. BBN has an established brand and a current footprint of some 33 stores. We expect management to roll out six stores per annum over the next six years, effectively doubling its presence in the Australian market and driving significant scale and synergy benefits for the group. The competition continues to struggle with large NSW competitor My Baby Warehouse’s NSW division entering administration in December. Though BBN is now trading at a significant premium to the market PE multiple, we believe the medium to long-term growth prospects of the business are outstanding and we remain comfortable holders of the stock. (VIEW LINK)