New Street: TPW Initiating with BUY Rating at A$10; More than a Covid Play - Share Gains and OP Leverage Story Remains
What’s New: We are initiating on Temple & Webster (TPW) with a BUY rating at a PT of A$10, which implies 1.96x FY23E EV/Rev. Our positive view is based on continued share gains story driven by 1) extensive product availability over its domestic peers; 2) improving conversion and repeat purchases through visualization tools; 3) competitive supply chain in key categories in home furnishing; and 4) macro tailwinds amid resiliency in the housing market.Analysts:
Jin Yoon
Temple & Webster sells furniture, homeware, and other lifestyle products through its online, member based website.
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