Originally Posted by
Fiordland Moose
aye. i don't begrudge any retailer (or anyone else) for keeping the wage subsidy when they were legally able to do so. The downside, however, it makes YOY comps harder, assessing what is maintable more difficult, and I dont think it fair to do a multiple on earnings keeping them, as its not a long term or high quality source of income (IE, it is worth the net of tax cash rec'd and nothing else). I dont know how much MHJ has rec'd - loads I suspect. HLG rec;d over 13 million in the 2 years to august 2021. I wish briscoes had kept theirs but handed it all back - the only upside is going forward they won't cycle off them. When doing a deep dive on the underlying economics of each business best to take the subsidy out, so as to see the true underlying profit and implied valuation metrics based on operating earnings. makes a pretty big impact