Endeavour Group is Australia’s leading alcoholic drinks retailer, mainly through BWS and Dan Murphys. The company also operates hotels and gaming machines, with the ALH Hotels business covering in excess of 300 licensed venues. Endeavour’s businesses enjoy strong free cash flow generation. We see Endeavour Group benefiting from the end of lockdown and also growing earnings through more digital engagement for the retailing businesses. BWS and Dan Murphys continue to increase their bricks and mortar presence, but there are already 5.5 million My Dans loyalty club members in Australia. We see Endeavour stock benefiting from it being a distinct entity instead of just a part of Woolworths, as it was before June 2021. On consensus numbers Endeavour earnings are flat in FY23 before enjoying solid high-single digit growth in FY23.