Metcash’s strategy day outlined more initiatives to drive sales growth and higher capex. The strategy is logical given its market position and more profitable retailers. In our view, revenue growth will be structurally better than historically. In food, the market is more rational both for store growth and pricing, which will mean much better growth than 2010-2019. In Hardware and Liquor, as a clear number two, the company has opportunities to drive new stores and refurbishments. While growth is stronger, capex will be over $200 million a year and in part a necessary investment in supply chain and IT to enable growth.