External broker reports(aggregated public sources), Taylor Collison

Taylor Collison

External broker reports(aggregated public sources)

Taylor Collison is a leading financial services firm, providing advice & wealth creation strategies to private & institutional investors and corporate clients throughout Australia. 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>Our underlying FY24/FY25e are unchanged at 16.4cps and 21.1cps respectively.</li><li>Some nerves have been settled from January’s downgrade, with confirmation that positive industry conditions are also being experienced by MXI in early 2H24.</li><li>It is comforting that Independent Parts (“IP”) is performing inline with early business case expectations, although it isn’t without execution risk. </li></ul>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.

Our underlying FY24/FY25e are unchanged at 16.4cps and 21.1cps respectively.Some nerves have been settled from January’s downgrade, with confirmation that positive industry conditions are also being experienced by MXI in early 2H24.It is comforting that Independent Parts (“IP”) is performing inline with early business case expectations, although it isn’t without execution risk. 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.

MaxiPARTS Limited (MXI) - Green Shoots Operationally Despite Messy Reporting Period

<ul><li>After taking the sword to our forecasts (largely depn and funding costs driven) MXI still trades at a modest 14.8/11.5x our tax effected FY24/FY25e EPS-A.</li><li>Still with +2yrs of tax loss coverage (numbers presented on a tax effected basis), MXI’s free cash flow after leases should mirror NPAT-A from FY25. Our thesis is still intact on the name and don’t believe there has been margin compression in the core business like the headline numbers might allude to.</li><li>Despite slowing in industry conditions (from elevated levels), longer term tailwinds remain incl. expanding vehicle content and greater sophistication of the aftermarket channel, resulting in both improved supplier and customer adoption. </li></ul>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.

After taking the sword to our forecasts (largely depn and funding costs driven) MXI still trades at a modest 14.8/11.5x our tax effected FY24/FY25e EPS-A.Still with +2yrs of tax loss coverage (numbers presented on a tax effected basis), MXI’s free cash flow after leases should mirror NPAT-A from FY25. Our thesis is still intact on the name and don’t believe there has been margin compression in the core business like the headline numbers might allude to.Despite slowing in industry conditions (from elevated levels), longer term tailwinds remain incl. expanding vehicle content and greater sophistication of the aftermarket channel, resulting in both improved supplier and customer adoption. 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.

MaxiPARTS Limited (MXI) - Negative Surprise on Higher D&A and Interest Drives Downgrades

Australia

MaxiPARTS Ltd designs, manufactures, rents, and sells transport equipment and spare parts. The Company offers refrigerated, insulated, and dry freight trailers and containers. MaxiPARTS serves customers in the road, shipping, and rail transport industries of Australia and New Zealand.

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MaxiPARTS (MXI AU)

MaxiPARTS Limited (MXI) - Green Shoots Operationally Despite Messy Reporting Period

Some nerves have been settled from January’s downgrade, with confirmation that positive industry conditions are also being experienced by MXI in...

Taylor Collison

MaxiPARTS Limited (MXI) - Negative Surprise on Higher D&A and Interest Drives Downgrades

After taking the sword to our forecasts (largely depn and funding costs driven) MXI still trades at a modest 14.8/11.5x our tax effected FY24/FY25e...

Taylor Collison

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