FY24 earnings (EBITDA) guidance for NZ$50m was a -28% miss compared to the consensus estimate. The broker decreases its earnings (EBITDA) forecasts by between -17-38%, noting negative operating leverage.
While there is upside should management execute on medium-term targets, Morgan Stanley has little confidence these can be attained, particularly for the Kathmandu brand which has experienced multiple execution issues against a more competitive backdrop.
Sector: Retailing.
Target price is
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