Consumer Discretionary: End of year model updates

About the author:

Alexander Mees
Author name:
By Alexander Mees
Job title:
Head of Research
Date posted:
19 December 2023, 7:30 AM

  • We have updated our earnings estimates and target prices for all the companies in our consumer discretionary universe following the trading updates provided during the recent AGM season and recent movements in FX rates.
  • On a median basis, we lowered our NPAT forecasts by 1% in both FY24 and FY25, generally due to lower gross margins and higher operating cost assumptions. In aggregate, our revised FY24 estimates are 3% above Visible Alpha consensus.
  • We changed one recommendation, which was to upgrade The Reject Shop (ASX:TRS) from Hold to Add. Our key picks in consumer discretionary are Lovisa (ASX:LOV) and Super Retail Group (ASX:SUL).

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