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Equity Bottom-Up

Universal Store Holdings Ltd / Equity Bottom-Up

<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”

<ul><li>Strong FY22a result. EBIT at the top-end of guidance range ($30.0-$31.0m).</li><li>Trading for the first eight weeks of 1H23e is pleasing and LFL’s ahead of our forecasts.</li><li>Inventory and cash position well covered.</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>

Strong FY22a result. EBIT at the top-end of guidance range ($30.0-$31.0m).Trading for the first eight weeks of 1H23e is pleasing and LFL’s ahead of our forecasts.Inventory and cash position well covered.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) - FY22 Result: First Impressions

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) - 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

Universal Store (UNI) - FY22 Result: First Impressions

Strong FY22a result. EBIT at the top-end of guidance range ($30.0-$31.0m). Trading for the first eight weeks of 1H23e is pleasing and LFL’s ahead...

Wilsons Advisory

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