New Street Research - Temple Webster Group (TPW) New Street: TPW 1HFY23 Results - Challenging Demand Environment Could Persist

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New Street Research

Jin Yoon

New Street: TPW 1HFY23 Results - Challenging Demand Environment Could Persist

What's new: TPW reported 1HFY23 top-line results were largely in-line with our expectations but below consensus estimates. Near-term demand environment could remain challenging amid macro uncertainties. We lower our PT from A$10 to A$4 and downgrade the stock from BUY to NEUTRAL rating as visibility remains limited and consumption trade down among existing cohorts could continue to persist in the near-term. Our updated PT of A$4 implies a 0.8x FY24 EV/Revs.

Analysts:
Jin Yoon

17/02/2023 1 EN

Underlying

Temple & Webster Group

Temple & Webster sells furniture, homeware, and other lifestyle products through its online, member based website.

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AU000000TPW5 Australian Securities Exchange Australia

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New Street Research

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Analysts

Jin Yoon

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New Street: TPW 1HFY23 Results - Challenging Demand Environment Could Persist

TPW 2HFY25: Improving Business Outlook

Temple & Webster Group Ltd: 1 director

TPW 1HFY25 Results: Continued Market Share Gains

SATS quick thoughts following the 1Q25 call

SATS 1Q25 Quick Take: Wireless making progress (but not enough)

Cellnex (Reduce, €28.5, -15%) Q1 25: Revenue volatility raises new questions

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