We believe UNI will deliver double-digit growth in sales and earnings in FY23 as an expanded store network plays into the resilience of demand for fashion apparel from a young customer cohort experiencing high levels of employment, higher wages and more and more opportunities to go out and socialise. FY22 earnings were slightly better than expectations. We have increased our EPS estimates by 5% in FY23 and by 1% in FY26. The FY24F P/E is 10x, which we believe is far too low for a business with the quality and growth potential of UNI. We reiterate our ADD rating with an increased target price of $7.00.