New Street: TPW FY22 Results - Rosy Margin Outlook Despite Near Term Top Line Slowdown
What's new: TPW reported FY22 top-line results were below consensus and our expectations. The company provided an updated margin guidance for FY23 where EBITDA margin could be in the range of 3%-5% (up from previous guidance of 2%-4%) driven by cost control measures amid macro backdrops. While near-term visibility remains limited, top line could start to normalize towards the back half of the fiscal year. We maintain our PT at A$10.Analysts:
Jin Yoon
Temple & Webster sells furniture, homeware, and other lifestyle products through its online, member based website.
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