Hight dividend yield (fully franked) - niche market - potential to grow gross margin via its new Transform-U product range - solid financials - no debt - well managed - revenue somewhat stifled, but the margin growth will ensure growth in EPS and dividends into FY26 and beyond. Moderate MOAT.

The value of STP is to be found in: (a) the strength of its database (b) its current range of clothing (c) its ability to reach out to different gender groups (male, female and kids) (d) ability to sell into different geographical areas. (e) its marketing strategy of going directly to the consumer - repeat order sales opportunities.