Camplify Holdings: Setting up for a solid summer

About the author:

Author name:

By Steven Sassine

Job title:

Associate Analyst

Date posted:

01 November 2023, 7:30 AM

Sectors Covered:

Diversified Financials

• Camplify (ASX:CHL) released its 1Q24 trading update which continued to show the underlying business momentum in what is traditionally a seasonally subdued quarter. In our view, futures bookings growth also augurs well for a strong summer trading period in the Southern Hemisphere.
• Group GTV of ~A$41.5m was up ~107% on pcp and -8% on the sequential quarter (A$45.2m). Revenue for 1Q24 was A$11.7m, +~114% on pcp (-6% on 4Q23), implying a group global take-rate of 28.2% (vs 27.2% in the pcp).
• We make minor adjustments to our FY24-FY26 revenue forecasts by +2-4.5% on the recent quarterly trading update, with this slight upgrade offset to a degree by an increase in Morgans risk-free rate to 4.2% (from 3.6%) which is utilised in our DCF. Our price target is now (login to view) post factoring this in. Add rating maintained.

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Disclaimer: The information contained in this report is provided to you by Morgans Financial Limited as general advice only, and is made without consideration of an individual's relevant personal circumstances. Morgans Financial Limited ABN 49 010 669 726, its related bodies corporate, directors and officers, employees, authorised representatives and agents (“Morgans”) do not accept any liability for any loss or damage arising from or in connection with any action taken or not taken on the basis of information contained in this report, or for any errors or omissions contained within. It is recommended that any persons who wish to act upon this report consult with their Morgans investment adviser before doing so.