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

Universal Store Holdings Ltd / Equity Bottom-Up

<ul><li>Universal Store Holdings (UNI) provided a trading update for the first 17 weeks of FY26 at their AGM: group direct-to-customer sales of +13% on pcp, like-for-like (LFL) sales on pcp of +7.7% and +13.9% for key banners, Universal Store (US) and Perfect Stranger (PS) respectively.</li><li>While some easing in growth rates was seen amidst challenging comps, gross margins (GM) were ahead of Consensus/BPe.</li><li>Fixed cost investment to support capability and the FY26 new store guidance of 11-17 across the three banners were reiterated, with some early wins in 1H new stores</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>

Universal Store Holdings (UNI) provided a trading update for the first 17 weeks of FY26 at their AGM: group direct-to-customer sales of +13% on pcp, like-for-like (LFL) sales on pcp of +7.7% and +13.9% for key banners, Universal Store (US) and Perfect Stranger (PS) respectively.While some easing in growth rates was seen amidst challenging comps, gross margins (GM) were ahead of Consensus/BPe.Fixed cost investment to support capability and the FY26 new store guidance of 11-17 across the three banners were reiterated, with some early wins in 1H new storesContent 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.

Universal Store (UNI): Staying “on Trend”

External broker reports(aggregated public sources), Wilsons Advisory

Wilsons Advisory

Wilsons has a distinguished history in financial services that spans over 125 years. Today, the group has significant capabilities in private wealth management, corporate finance, research and investment strategy, and institutional sales. 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.

<div><div><div><ul><li>Universal Store provided a trading update on Wednesday.</li><li>Trading conditions have deteriorated much faster than we expected and updated guidance for sales, gross margins and EBIT was - 6.4%, -130bps and -20.0% below our previous forecasts respectively.</li><li>While the EBIT miss appears to have largely been driven by sales, the gross margin miss was likely due to increased promotional activity and customers reducing basket sizes. </li></ul></div></div></div><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>

Universal Store provided a trading update on Wednesday.Trading conditions have deteriorated much faster than we expected and updated guidance for sales, gross margins and EBIT was - 6.4%, -130bps and -20.0% below our previous forecasts respectively.While the EBIT miss appears to have largely been driven by sales, the gross margin miss was likely due to increased promotional activity and customers reducing basket sizes. 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.

Universal Store (UNI) - O/W: Still a Quality Outfit

<div><div><div><ul><li>Universal reported 1H23a EBIT of $28.5m (Post AASB16), -7.4% vs. WILSe.</li><li>Revenue missed our forecasts by -4.7% due to Universal physical stores which were still +35.2% yoy.</li><li>Encouragingly, Perfect Stranger and Thrills (in consolidation) exceeded our expectations. </li></ul></div></div></div><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>

Universal reported 1H23a EBIT of $28.5m (Post AASB16), -7.4% vs. WILSe.Revenue missed our forecasts by -4.7% due to Universal physical stores which were still +35.2% yoy.Encouragingly, Perfect Stranger and Thrills (in consolidation) exceeded our expectations. 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.

Universal Store (UNI) - O/W: “Leverage like We’ve Never Had...”

<div><div><div><ul><li>Universal Store (UNI) announced the acquisition of Cheap THRILLS Cycles (Thrills) on Monday for a total consideration of $50.0m (6.8x FY22a EBIT).</li><li>We are supportive of the acquisition as it is accretive and further diversifies UNI’s long-term growth profile.</li><li>However, the multiple paid appears full, we see risks around a standalone management structure and believe the ownership of one brand may subtlety restrict store brand offerings. </li></ul></div></div></div><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>

Universal Store (UNI) announced the acquisition of Cheap THRILLS Cycles (Thrills) on Monday for a total consideration of $50.0m (6.8x FY22a EBIT).We are supportive of the acquisition as it is accretive and further diversifies UNI’s long-term growth profile.However, the multiple paid appears full, we see risks around a standalone management structure and believe the ownership of one brand may subtlety restrict store brand offerings. 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.

<div><div><div><ul><li>Universal Store (UNI) reported FY22a EBIT of $30.9m, at the top end of its guidance range for $30.0-31.0m.</li><li>Revenue was in line to slightly ahead driven by store sales which implies a return to physical stores by customers, gross margins and freight were in line but operating expenses were slightly elevated which we attribute to COVID-19 volatility and expect to normalise.</li><li>Cash flow declined yoy driven by increased payables and timing of tax payments, but was otherwise strong. </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></div></div></div>

Universal Store (UNI) reported FY22a EBIT of $30.9m, at the top end of its guidance range for $30.0-31.0m.Revenue was in line to slightly ahead driven by store sales which implies a return to physical stores by customers, gross margins and freight were in line but operating expenses were slightly elevated which we attribute to COVID-19 volatility and expect to normalise.Cash flow declined yoy driven by increased payables and timing of tax payments, but was otherwise strong. 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.

Universal Store (UNI) - O/W: “Foot Traffic Is Up”

Australia

Universal Store Pty Ltd retails apparels. The Company offers clothing, furnishings, and accessories for men, women, and children. Universal Store serves customers in Australia.

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Universal Store Holdings Ltd (UNI AU)

Universal Store (UNI): Staying “on Trend”

Universal Store Holdings (UNI) provided a trading update for the first 17 weeks of FY26 at their AGM: group direct-to-customer sales of +13% on...

Bell Potter

Universal Store (UNI) - O/W: Still a Quality Outfit

While the EBIT miss appears to have largely been driven by sales, the gross margin miss was likely due to increased promotional activity and...

Wilsons Advisory

Universal Store (UNI) - O/W: “Leverage like We’ve Never Had...”

Universal reported 1H23a EBIT of $28.5m (Post AASB16), -7.4% vs. WILSe. Revenue missed our forecasts by -4.7% due to Universal physical stores...

Wilsons Advisory

Universal Store (UNI) - O/W: THRILLED

Universal Store (UNI) announced the acquisition of Cheap THRILLS Cycles (Thrills) on Monday for a total consideration of $50.0m (6.8x FY22a EBIT).

Wilsons Advisory

Universal Store (UNI) - O/W: “Foot Traffic Is Up”

Revenue was in line to slightly ahead driven by store sales which implies a return to physical stores by customers, gross margins and freight were...

Wilsons Advisory

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