New Street Research - Temple Webster Group (TPW) TPW 2HFY25: Improving Business Outlook

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New Street Research

Jin Yoon

TPW 2HFY25: Improving Business Outlook

What’s new: Temple & Webster provided an update where growth has accelerated over the half. TPW also expects FY25 EBITDA margin to be towards the top end of the guidance range. We up our PT from AUD18 to AUD21 on improving business outlook. Our updated PT of USD21 implies 3.2x on FY26E EV/Revs. We maintain our BUY rating.

Analysts:
Jin Yoon

07/05/2025 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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Analysts

Jin Yoon

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TPW 2HFY25: Improving Business Outlook

Temple & Webster Group Ltd: 1 director

TPW 1HFY25 Results: Continued Market Share Gains

Alphabet (GOOGL, Buy, $210 target) AI Max marks next steps in AI search monetization, offers lessons from META’s Advantage+

Alphabet (GOOGL, Buy, $210 target) AAPL AI Search competitor comments not a surprise, but Safari April query declines spook

Telecom Italia (Neutral, €0.36, +0%) Downgrade to Neutral – and Q1 review

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