External broker reports(aggregated public sources), Bell Potter Securities

Bell Potter

External broker reports(aggregated public sources)

Bell Potter Securities

Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to individuals, institutions and corporations. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Accent Group (AX1) provided a trading update for the first 20 weeks of FY25 at their AGM, with Group owned sales +6.8% YTD, (BPe +6.2%) while gross margin was down -70bps (BPe -10bps), largely impacted by the promotional trading environment within their mass/youth focused brands.</li><li>The new 1H25 new store target of 50 was a beat to BPe while the Frasers Group (FRAS) executive on board another strategic positive for the partnership with the global player in their potential regional expansion in Australia.</li><li>We make marginal changes to our revenue estimates as we factor in a handful of additional new stores for FY25e within the Skechers, Nude Lucy, Style Runner and Hoka brands. We make no changes to our average sales per store (LFL) assumptions and note the relatively more challenging comps through the Nov-Dec period (-2% in Jul-Oct vs +1.8% in Nov-Dec during FY24). </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Accent Group (AX1) provided a trading update for the first 20 weeks of FY25 at their AGM, with Group owned sales +6.8% YTD, (BPe +6.2%) while gross margin was down -70bps (BPe -10bps), largely impacted by the promotional trading environment within their mass/youth focused brands.The new 1H25 new store target of 50 was a beat to BPe while the Frasers Group (FRAS) executive on board another strategic positive for the partnership with the global player in their potential regional expansion in Australia.We make marginal changes to our revenue estimates as we factor in a handful of additional new stores for FY25e within the Skechers, Nude Lucy, Style Runner and Hoka brands. We make no changes to our average sales per store (LFL) assumptions and note the relatively more challenging comps through the Nov-Dec period (-2% in Jul-Oct vs +1.8% in Nov-Dec during FY24). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Australia

Accent Group Limited distributes and markets footwear and apparel. The Company offers a wide range of sneakers, athlete footwear, and work boots. Accent Group serves customers in Australia.

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Rcg Corp Ltd (AX1 AU)

Accent Group (AX1): A Step Forward

Accent Group (AX1) provided a trading update for the first 20 weeks of FY25 at their AGM, with Group owned sales +6.8% YTD, (BPe +6.2%) while gross...

Bell Potter

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