ADAIRS LIMITED (ADH)
Share Price Analysis and Chart

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ADH - ADAIRS LIMITED

FNArena Sector : Furniture & Renovation
Year End: June
GICS Industry Group : Retailing
Debt/EBITDA: 2.19
Index: ASX300 | ALL-ORDS

LAST PRICE CHANGE +/- CHANGE % VOLUME

$2.65

12 Nov
2024

0.100

OPEN

$2.57

3.92%

HIGH

$2.65

356,285

LOW

$2.55

TARGET
$2.313 -12.7% downside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
BLX . GWA . HVN . JBH . JYC . NCK . REH . TPW .
FNARENA'S MARKET CONSENSUS FORECASTS
ADH: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 17.9 14.3 xxx
DPS (cps) xxx 12.0 12.7 xxx
EPS Growth xxx - 18.4% - 20.4% xxx
DPS Growth xxx 50.0% 5.6% xxx
PE Ratio xxx N/A 18.2 xxx
Dividend Yield xxx N/A 4.9% xxx
Div Pay Ratio(%) xxx 66.9% 88.8% xxx

Dividend yield today if purchased 3 years ago: 3.26%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 4.62

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 7c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2024 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx17.9
DPS All xxxxxxxxxxxxxxx12.0
Sales/Revenue xxxxxxxxxxxxxxx594.4 M
Book Value Per Share xxxxxxxxxxxxxxx127.8
Net Operating Cash Flow xxxxxxxxxxxxxxx93.7 M
Net Profit Margin xxxxxxxxxxxxxxx5.23 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx14.62 %
Return on Invested Capital xxxxxxxxxxxxxxx7.07 %
Return on Assets xxxxxxxxxxxxxxx5.15 %
Return on Equity xxxxxxxxxxxxxxx14.62 %
Return on Total Capital xxxxxxxxxxxxxxx13.41 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx58.7 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 xxxxxxxxxxxxxxx53 M
Long Term Debt xxxxxxxxxxxxxxx223 M
Total Debt xxxxxxxxxxxxxxx276 M
Goodwill - Gross xxxxxxxxxxxxxxx179 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx13 M
Price To Book Value xxxxxxxxxxxxxxx1.44

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx27.4 M
Capex % of Sales xxxxxxxxxxxxxxx4.61 %
Cost of Goods Sold xxxxxxxxxxxxxxx481 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx48 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

0.3

No. Of Recommendations

4
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Ord Minnett

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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Bell Potter

26/09/2024

3

Initiation of coverage with Hold

$2.00

-24.53%

Bell Potter widens its existing coverage of household goods retailers by beginning research on Harvey Norman and JB Hi-Fi with Buy ratings. The analysts also start with Hold ratings for Adairs and Kogan.com.

All four retailers are well placed to benefit from falling interest rates in 2025, in the broker's view. Some green shoots are emerging in growth trends for big ticket items such as consumer electronics and furniture in Australia and the US/UK, note the analysts.

For Hold-rated bedding/homewares retailer Adairs, Bell Potter believes a slower near-term outlook, driven by the limited growth in the store footprint, is already priced into shares.

Overall, the broker suggests the longer-term opportunity is large in the expanded total addressable market (TAM) opportunity of
both homewares and furniture.

A $2.00 target is set.

FORECAST
Bell Potter forecasts a full year FY25 dividend of 11.35 cents and EPS of 0.30 cents.
Bell Potter forecasts a full year FY26 dividend of 13.92 cents and EPS of 0.30 cents.

UBS

xx/xx/xxxx

3

xxxxxxx

$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

Wilsons

xx/xx/xxxx

3

xxxxxx xxxxxx

$xx.xx

xx.xx%

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Canaccord Genuity

30/10/2024

1

Buy

$2.80

5.66%

Adairs' trading update pleased Canaccord Genuity, with a particularly strong sales performance the highlight, complemented by gross margins pacing ahead of a year ago despite headwinds from FX and initial impacts from higher freight costs.

The broker remains optimistic on the near-term outlook, while cautioning that we are entering peak retail trading at year-end. Canaccord has taken the view that management's initiatives to turn around Adairs  and Mocka will outweigh continuing cost of living pressures.

The broker is nonetheless cautious on Focus forecasts given weak recent trading. In the medium term, Canaccord sees material top-line optionality and room for operating leverage. Target rises to $2.80 from $2.50, Buy retained.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 13.00 cents and EPS of 22.00 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 16.00 cents and EPS of 25.00 cents.

Jarden

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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ADH STOCK CHART

FNArena News on ADH

1
In Case You Missed It – BC Extra Upgrades & Downgrades – 01-11-24

Nov 01 2024 - Weekly Reports
2
Australian Broker Call *Extra* Edition – Oct 30, 2024

Oct 30 2024 - Daily Market Reports
3
Next Week At A Glance – 9-13 Sep 2024

Sep 06 2024 - Weekly Reports
4
Australian Broker Call *Extra* Edition – Sep 04, 2024

Sep 04 2024 - Daily Market Reports
5
FNArena Corporate Results Monitor – 29-08-2024

Aug 29 2024 - Australia

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