2355 GMT - Nick Scali's bull at Macquarie stays focused on the medium term while also putting the spotlight on the defensiveness of the Australian furniture retailer's balance sheet. Macquarie sees limited opportunity for earnings growth over FY 2027, predicting a 0.4% fall. "However, we see value in Nick Scali on a 1-3 year view," Macquarie says. U.K. growth is slow, but the product and gross-margin strategy is working. Its brand and market share in Australia and New Zealand are relatively robust, supported by continued advertising and no discounting. Meanwhile, Nick Scali is net cash to the tune of A$35 million and its dividend is growing. Macquarie highlights the option of doing more M&A, such as a third brand in Australia and small 4-5 store networks in the U.K. It retains an outperform call on Nick Scali.