CAMPLIFY HOLDINGS LIMITED (CHL)
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18/11/2024

1

Add

$2.10

208.82%

Camplify Holdings provided a trading update at the AGM. Morgans highlights the update revealed a more challenging start to FY25 than expected, with revenue down -2.6% compared to the previous corresponding period.

The broker notes the global fleet grew approximately 15% to 33,500, while the take rate increased 11% to 31.1%.

Morgans attributes the challenges to lower off-season bookings, poor weather, and ongoing delays with the PaulCamper platform migration.

Morgans reduces revenue estimates by -5% to -13% for FY25-FY27, with a decline in EBITDA forecasts partially offset by cost reductions.

The target price decreases to $2.10 from $2.55. The Add rating is maintained.

FORECAST
Morgans forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -1.30 cents.
Morgans forecasts a full year FY26 dividend of 0.00 cents and EPS of 4.60 cents.

19/09/2024

1

Buy

$2.40

252.94%

After analysing the universe of ASX-listed technology stocks (62 in number), Canaccord Genuity concludes revenue growth
over the medium/long-term and the free cash flow (FCF) margin should be the only relevant measures of stock valuation.

By other names these combined metrics produce the “rule-of-40” or an efficiency score (ES), which adds together a company's revenue growth and its FCF margin.

The six stocks identified by the broker which generated a world-leading efficiency score greater than 55% were Pro Medicus, REA Group, Jumbo Interactive, Netwealth Group, Carsales and WiseTech Global.

While perceived quality directly translates to valuation, it is ultimately the delta in a stock's efficiency score that drives share price performance, highlights Canaccord Genuity.

For Camplify Holdings, the $2.40 target and Buy rating are maintained.