AGM update – FY24 significantly ahead
In today’s AGM statement, Supreme plc reported that the strong momentum evident in FY23 has continued into the first half, as a result of which the Group now expects revenue for FY24 to be in the range £195-£205m, with (adj.) EBITDA of £28-£30m. This guidance is up to 6% ahead of our previous revenue outlook of £193.5m and up to 17% above our (adj.) EBITDA estimate of £25.6m.The Group notes that of the incremental £3.5m in (adj.) EBITDA - versus a prior market consensus of £26.5m - £2.0m arises from the distribution of Elf Bar branded vaping products, and the remaining £1.5m from other core operations.
Our Fair Value remains at 200p/share, indicative of a FY24 EV/EBITDA of 8.5x.
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