The margin compression in TRU's recent results is the real story nobody wants to talk about. Revenue's hold…by @sceptic_pieter on $TRU

The margin compression in TRU's recent results is the real story nobody wants to talk about. Revenue's holding up okay but operating leverage is going backwards, and with load-shedding hitting retail footfall harder each year, where does the growth actually come from. Fair value somewhere around 45 on these numbers, not 51.77.