BABY BUNTING GROUP LIMITED (BBN)
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BBN

BBN - BABY BUNTING GROUP LIMITED

FNArena Sector : Apparel & Footwear
Year End: June
GICS Industry Group : Retailing
Debt/EBITDA: 2.67
Index: ALL-ORDS

Baby Bunting is Australia's number one provider of nursery and baby products, including prams, car seats and babywear. Established in 1979, it became a listed company in 2015.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$2.99

02 Sep
2025

0.160

OPEN

$2.82

5.65%

HIGH

$3.08

637,134

LOW

$2.82

TARGET
$2.808 -6.1% downside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
AX1 . CCX . CTT . MYR . PMV . UNI .
FNARENA'S MARKET CONSENSUS FORECASTS
BBN: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 7.1 13.2 xxx
DPS (cps) xxx 0.0 0.0 xxx
EPS Growth xxx 100.0% 85.9% xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 21.7 xxx
Dividend Yield xxx N/A 0.0% xxx
Div Pay Ratio(%) xxx N/A N/A xxx

Dividend yield today if purchased 3 years ago: 0.00%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.00

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: 04/03 - ex-div 1.8c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx7.1
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx521.9 M
Book Value Per Share xxxxxxxxxxxxxxx83.5
Net Operating Cash Flow xxxxxxxxxxxxxxx51.9 M
Net Profit Margin xxxxxxxxxxxxxxx1.83 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx8.94 %
Return on Invested Capital xxxxxxxxxxxxxxx3.97 %
Return on Assets xxxxxxxxxxxxxxx2.84 %
Return on Equity xxxxxxxxxxxxxxx8.94 %
Return on Total Capital xxxxxxxxxxxxxxx8.16 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx43.4 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 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx38 M
Long Term Debt xxxxxxxxxxxxxxx129 M
Total Debt xxxxxxxxxxxxxxx166 M
Goodwill - Gross xxxxxxxxxxxxxxx45 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx12 M
Price To Book Value xxxxxxxxxxxxxxx2.23

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx12.9 M
Capex % of Sales xxxxxxxxxxxxxxx2.48 %
Cost of Goods Sold xxxxxxxxxxxxxxx352 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx147 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

0.5

No. Of Recommendations

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

Morgans

xx/xx/xxxx

4

xxxxxxxxx xx xxxx xxxx xxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Citi

18/08/2025

1

Buy

$3.04

1.67%

Following further analysis, Citi concludes Baby Bunting's stores refurbishment program is potentially working but it is still early days given over 50% of existing stores are yet to be refurbished.

On the positive side, multiple growth levers like store formats, geographic rollout, NZ profitability suggest earnings momentum upside if execution continues to improve.

FY26 EPS net profit forecast trimmed by -6% and FY27 by -5% as CODB leverage is taking longer to materialise.

Target rises to $3.04 from $2.41 on DCF roll-forward, 15% peer multiples and removal of prior -20% discounts vs market.

Previously, on first glance the broker noted the following:

Baby Bunting's FY25 Pro-forma net profit of $12.1m is higher than consensus' $11.2m forecast.

Commentary suggests the 8% 'beat' appears to be driven by tax and to a lesser extent net interest. It was also towards the upper end of the guidance range of $10m to $12.5m.

No dividend was declared while consensus was expecting to see 0.9cps paid out.

Plenty of positive and equally so on the negatives to highlight, it seems. Regarding the latter, Citi points out FY26 capex guidance of -$30m to -$35m is materially above consensus' -$20m estimate.

Capex will be funded by operating cash flows. The broker suggests part of this may be due to the accelerated refurbishment strategy. The retailer will also embark on an ERP/POS re-platform.

All in all, the broker argues today's result provides incrementally more confidence around the company's turnaround prospects.

FORECAST
Citi forecasts a full year FY26 dividend of 0.00 cents and EPS of 12.60 cents.
Citi forecasts a full year FY27 dividend of 9.00 cents and EPS of 17.00 cents.

Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

0

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
Access Extra Coverage Research History >

BBN STOCK CHART

FNArena News on BBN

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May 05 2025 - Weekly Reports
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