Baby Bunting Group: Brighter horizons - FY23 earnings and upgrade to ADD
About the author:
- Author name:
- By Alexander Mees
- Job title:
- Co-Head of Research and Senior Analyst
- Date posted:
- 14 August 2023, 7:30 AM
- Sectors Covered:
- Gaming and Retail
- Baby Bunting Group's (ASX:BBN) FY23 earnings result was in line with the pre-release. A 51% fall in NPAT was a function of an overrunning cost base, LFL sales decline and investment in growth.
- We increase our NPAT estimates by 17% in FY24 and 7% in FY25 as a result of cost-out initiatives and higher sales assumptions.
- With >20% TSR to our (login to view) target price, we upgrade to ADD.
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