3P LEARNING LIMITED (3PL)
Share Price Analysis and Chart

19/02/2025

3

Equal-weight

$0.90

40.63%

3P Learning beat Morgan Stanley's EBITDA estimates in the first half. The broker takes on board the message that product has been built and expenses, particularly R&D, have peaked.

This should provide an acceleration of sales growth, although the broker suspects there will be another 12 months before there is meaningful evidence of this.

Equal-weight. Target is lowered to $0.90 from $1.05. Industry view: In Line.

FORECAST
Morgan Stanley forecasts a full year FY25 dividend of 0.00 cents and EPS of 3.70 cents.
Morgan Stanley forecasts a full year FY26 dividend of 0.00 cents and EPS of 4.40 cents.

19/05/2025

3

Hold

-

-

Taylor Collison notes 3P Learning continues to face headwinds from increased competition in both B2B and consumer markets, with limited school funding compounding the problems.

The company is undertaking cost initiatives to increase profitability and remains positive about its 3E campaign (product, bundling, initiative). The broker finds the potential for cost-effective products for schools appealing, and is positive on the company's medium-term prospects.

However, it will wait for evidence before re-assessing the Hold rating.

No target price is mentioned.

FORECAST
Taylor Collison forecasts a full year FY25 dividend of 0.00 cents and EPS of 3.73 cents.
Taylor Collison forecasts a full year FY26 dividend of 0.00 cents and EPS of 4.76 cents.