New Street Research - Temple Webster Group (TPW) TPW 2HFY23 Results: Improving Outlook

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New Street Research

Jin Yoon

TPW 2HFY23 Results: Improving Outlook

What's new: TPW reported FY23 top-line results were largely in-line with consensus and above our expectations. Business continues to show positive momentum driven by both repeat and first-time customer growth. We up our PT from A$4 to A$7 on improving outlook. Our updated PT of A$7 implies a 1.7x FY24 EV/Revs. We maintain our NEUTRAL rating.

Analysts:
Jin Yoon

17/08/2023 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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What’s new: TPW reported 1HFY25 results that were above consensus and our expectations. Rev growth could further improve as comps get easier towards the latter part of 2HFY25, and the company has the margin flexibility to further invest to drive top-line growth. We up our PT from A$13 to A$18 on continued market share gains. Our updated PT of A$18 implies 2.7x FY26E EV/Revs. Analysts: Jin Yoon

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TPW 2HFY23 Results: Improving Outlook

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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