ACCENT GROUP LIMITED (AX1)
Share Price Analysis and Chart

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AX1 - ACCENT GROUP LIMITED

FNArena Sector : Apparel & Footwear
Year End: June
GICS Industry Group : Retailing
Debt/EBITDA: 1.85
Index: ASX300 | ALL-ORDS

Accent Group is an Australian retailer and distributor of sports and lifestyle footware in Australia and New Zealand. Its stores include Athlete's Foot, Hype DC and Podium Sports. The company listed in 2004.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$2.12

03 Feb
2025

-0.070

OPEN

$2.17

-3.20%

HIGH

$2.19

1,035,346

LOW

$2.11

TARGET
$2.526 19.2% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
BBN . CCX . CTT . MOZ . MYR . PMV . UNI .
FNARENA'S MARKET CONSENSUS FORECASTS
AX1: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 10.6 13.3 xxx
DPS (cps) xxx 13.0 12.5 xxx
EPS Growth xxx - 34.3% 25.0% xxx
DPS Growth xxx - 25.7% - 4.2% xxx
PE Ratio xxx N/A 15.9 xxx
Dividend Yield xxx N/A 5.9% xxx
Div Pay Ratio(%) xxx 122.5% 93.9% xxx

Dividend yield today if purchased 3 years ago: 6.19%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 6.16

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 11/09 - ex-div 4.5c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx10.6
DPS All xxxxxxxxxxxxxxx13.0
Sales/Revenue xxxxxxxxxxxxxxx1,448.1 M
Book Value Per Share xxxxxxxxxxxxxxx74.4
Net Operating Cash Flow xxxxxxxxxxxxxxx246.1 M
Net Profit Margin xxxxxxxxxxxxxxx4.11 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx13.84 %
Return on Invested Capital xxxxxxxxxxxxxxx7.13 %
Return on Assets xxxxxxxxxxxxxxx5.17 %
Return on Equity xxxxxxxxxxxxxxx13.84 %
Return on Total Capital xxxxxxxxxxxxxxx12.70 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx142.4 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx149 M
Long Term Debt xxxxxxxxxxxxxxx394 M
Total Debt xxxxxxxxxxxxxxx542 M
Goodwill - Gross xxxxxxxxxxxxxxx324 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx28 M
Price To Book Value xxxxxxxxxxxxxxx2.60

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx31.8 M
Capex % of Sales xxxxxxxxxxxxxxx2.20 %
Cost of Goods Sold xxxxxxxxxxxxxxx1,114 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx209 M
Research & Development xxxxxxxxxxxxxxx0 M
Investments - Total xxxxxxxxxxxxxxx0 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.8

No. Of Recommendations

5
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Bell Potter

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Citi

30/01/2025

3

Downgrade to Neutral from Buy

$2.43

14.62%

Citi highlights an apparent reduction in Accent Group's sales growth and gross margins since the AGM in the latest 1H25 trading update.

Accounting for the unexpected one-off -$3.3m non-recurring item, the update was broadly in line with consensus expectations.

The analyst notes a decline in like-for-like sales growth to 2.0% versus an estimate of 3.5% and 3.5% in the first 20 weeks. Increased promotions saw the gross margin shrink -100bps in 1H25, above the -70bps decline in the first four months.

Management indicated "inventory is clean." Citi lowers EPS forecasts by -5.1% and -11.6% for FY25/FY26, respectively.

Accent Group is downgraded to Neutral from Buy. Target price falls -2% to $2.43 from $2.47.

FORECAST
Citi forecasts a full year FY25 dividend of 12.00 cents and EPS of 11.90 cents.
Citi forecasts a full year FY26 dividend of 14.40 cents and EPS of 13.00 cents.

UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

3

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Petra Capital

xx/xx/xxxx

3

xxxxxxxxx xx xxxx xxxx xxx

$xx.xx

xx.xx%

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Jarden

03/02/2025

3

Downgrade to Neutral from Buy

$2.10

-0.94%

Jarden highlights Accent Group's 1H25 sales growth of 4.6% year on year was lower than the consensus for 7.5% growth. Gross profit margin and expenses were in line with consensus.

The broker is concerned the promotional environment in the footwear market may take longer to resolve than it initially expected. As a result, it lowered FY25 and FY26 EBIT forecasts by -11% and -9% respectively.

Potential near-term catalysts for the stock include discussions with Frasers Group regarding a long-term strategic agreement which the broker views as "very" positive, fewer promotions from competitors, and likely interest rate cuts.

Target price lowered to $2.10 from $2.35 and rating downgraded to Neutral from Buy.

FORECAST
Jarden forecasts a full year FY25 EPS of 12.50 cents.
Jarden forecasts a full year FY26 EPS of 14.20 cents.

Wilsons

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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AX1 STOCK CHART

FNArena News on AX1

1
Australian Broker Call *Extra* Edition – Feb 04, 2025

10:30 AM - Daily Market Reports
2
Australian Broker Call *Extra* Edition – Feb 03, 2025

Feb 03 2025 - Daily Market Reports
3
Weekly Ratings, Targets, Forecast Changes – 31-01-25

Feb 03 2025 - Weekly Reports
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Jan 30 2025 - Rudi's View
5
Rudi’s View: Feb Season’s Best Buys & Key Picks

Jan 23 2025 - Rudi's View

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