Holdsport is a company I haven’t liked but have been proven very wrong about, and now I should just throw in the towel. Sure, like-for-like sales increased 9.4% with product inflation of 8.1%, indicating very modest real growth of only 1.3%. Further, cash generated from operations was down ever so slightly while core HEPS was up 21.3%, and the dividend was up only 21.2%. So there are a number of potential concerns but the company continues to grow and, most importantly, it trades on a very modest historic price-to-earnings ratio (P/E) of some 11 times and a dividend yield of just under 4.5%. Considering many local retailers have a P/E of double that, Holdsport is very far from being expensive. And being cheap markedly reduces the risk in the share. That said, just because a share exists doesn’t mean I have to own it and I have no plans to own Holdsport.