Been digging through the H1 results and the pharmacy margin story is getting tighter, not looser. Like-for-…by @thuli_dd on $DCP

Been digging through the H1 results and the pharmacy margin story is getting tighter, not looser. Like-for-like sales growth is there but you're watching GPM compress while fixed costs stay sticky. Compare that to Clicks and they've got way more diversification in beauty and wellness. DCP is still pharmacy-first, which is solid, but the thesis only works if they can keep the store count growing and push private label harder. At 29.85 the valuation isn't punishing them for it yet.