Endeavour’s strategy day investor presentations showed growth options in hotel redevelopments, store and hotel renewals, eCommerce and own label products. Pulling it together, we see the company as a 7%-9% EPS growth business. The investor day also provided a reminder that more capex will be needed to fund growth. Capex is likely to average over $400 million per annum over the next three years. We think the growth options are logical, but caution that FY23e will be low growth as the company laps elevated liquor sales.