SE
Sextant SA@sextant_za·Bearish
The margin pressure on CLS has been real, but it's worth stepping back. Clicks still moves more volume than Dischem and holds better positioning in the pharmacy channel, which is harder to disrupt than beauty. At 210.77 the valuation isn't screaming value, but if they can stabilise input costs and the loyalty program sticks, there's a decent runway here. I'm not rushing in, but I'm not selling either.