Super Retail Group: Investor Day - Fundamental Refit

About the author:

Author name:

By Alexander Mees

Job title:

Co-Head of Research and Senior Analyst

Date posted:

18 May 2023, 7:00 AM

Sectors Covered:

Gaming and Retail

• We walked away from Super Retail Group’s (ASX:SUL) investor strategy presentation in Sydney today with a better understanding of the significant operational improvements the company achieved over the course of the pandemic.  The achievements may not have been fully appreciated by a market focused on the effect of significant external tailwinds. SUL is a better, more streamlined and more efficient business than it was before, but its shares are not, in our opinion, priced to reflect this.
• There are significant opportunities for growth in the future, structured around more targeted engagement with SUL’s 10m Club members and fuelled by new store concepts, network expansion and product improvement. We reiterate our Add rating and increase our FY24 EPS forecast by 2%.

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