TPW AGM Update: Meaningful Deceleration in Rev Growth
What’s new: Temple & Webster held its annual general meeting (AGM) today. The company provided a trading update where rev growth decelerated meaningfully compared to the first few weeks of half as consumers remain cautious about their spending. Margins could remain stable despite incremental investments in New Zealand. We lower our PT from A$32 to A$20 on lowered outlook. Our updated PT of A$20 implies 2.6x FY27E EV/Revs. We maintain our BUY rating.Analysts:
Jin Yoon
Temple & Webster sells furniture, homeware, and other lifestyle products through its online, member based website.
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