MAXIPARTS LIMITED (MXI)
Share Price Analysis and Chart

22/11/2024

1

Buy

$2.60

37.57%

Following MaxiPARTS's trading update, Ord Minnett retains its $2.60 target price, noting a slowdown in volumes on the East Coast, partially offset by continued strength in the West Coast market.

The near-term outlook appears mixed, concede the analysts, but management anticipates further improvements in financial metrics for FY25.

The broker expects medium-term growth rates to recover to mid-single digits, compared to the current low single-digit levels.

Ord Minnett maintains a Buy rating.

FORECAST
Ord Minnett forecasts a full year FY25 dividend of 6.00 cents and EPS of 15.00 cents.
Ord Minnett forecasts a full year FY26 dividend of 7.00 cents and EPS of 17.00 cents.

02/09/2024

1

Buy

$2.50

32.28%

FY24 underlying profit (NPBT) of $10.3m for MaxiPARTS came in ahead of the guidance range of $9.6-10.1m in a year of acquisition-led expansion, highlights Canaccord Genuity.

The performance of recently acquired WA-based Independent Parts and Forch Australia in Brisbane met expectations, notes the broker.

Cash flow conversion rebounded strongly in the 2H, and the analyst expects the FY25 net debt position will improve to $5.1m from $15.9m in FY24.

Buy rating retained and the target lowered to $2.50 from $2.62.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 6.60 cents and EPS of 15.50 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 7.90 cents and EPS of 18.80 cents.