Morningstar

Super Retail Group Ltd SUL

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Stock XASX Rating as of
A$18.17 +0.20 (1.11%)
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As of Delayed Price Post-Trading: —

Company Report

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Super Retail Earnings: Likely More Challenges Ahead Unless Sales Momentum Picks Up.

Johannes Faul

Narrow-moat Super Retail Group delivered a solid fiscal 2024 result in the context of rampant cost inflation and subdued consumer sentiment. Sales increased by 2% on the previous corresponding period, or PCP, driven by store rollouts and strong growth in online sales. While gross margins held up year on year, cost inflation drove down pretax margins by some 150 basis points to 8.8%. Underlying NPAT dropped by 11% to AUD 242 million, just 2% short of our forecast.

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Price vs Fair Value

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SUL is trading at a 176% premium.
Price
A$17.97
Fair Value
A$16.00
Uncertainty
Medium
1-Star Price
A$27.71
5-Star Price
A$8.40
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

The group boasts an impressive management team, evidenced in continuous working-capital improvements and driving cost efficiencies.

Bears

The core business in automotive has limited growth opportunities. Increasing complexity of cars means motorists could be less inclined to maintain their own vehicles, weighing on sales for the Supercheap Auto division.

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Trading Information

Previous Close Price
A$17.97
Day Range
A$17.88–18.17
52-Week Range
A$11.31–18.31
Bid/Ask
A$18.10 / A$18.18
Market Cap
A$4.10 Bil
Volume/Avg
607,667 / 590,273

Key Statistics

Price/Earnings (Normalized)
16.70
Price/Sales
1.05
Dividend Yield (Trailing)
3.84%
Dividend Yield (Forward)
4.12%
Total Yield
3.84%

Company Profile

Super Retail operates in Australia and New Zealand selling auto parts, sporting goods, and outdoor leisure equipment. The group generates revenue of close to AUD 4 billion. There are generally a handful of larger players in each category in which the firm operates, with Super Retail the market leader in all three categories. The firm is growing organically, by expanding its physical store network and building its e-commerce capabilities. The last meaningful acquisitions were sporting goods retailer Rebel in fiscal 2012 and outdoor specialist Macpac in 2018.
Sector
Consumer Cyclical
Industry
Specialty Retail
Stock Style Box
Mid Value
Total Number of Employees
3,604
Website
https://www.superretailgroup.com.au

Competitors

Valuation

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Metric
SUL
DKS
BAP
Price/Earnings (Normalized)
 16.7014.5520.28
Price/Book Value
 2.965.832.02
Price/Sales
 1.051.300.89
Price/Cash Flow
 7.0610.7714.38
Price/Earnings
SUL
DKS
BAP

Financial Strength

Metric
SUL
DKS
BAP
Quick Ratio
 0.270.640.70
Current Ratio
 1.201.772.33
Interest Coverage
 6.7427.61−3.04
Quick Ratio
SUL
DKS
BAP

Profitability

Metric
SUL
DKS
BAP
Return on Assets (Normalized)
 7.45%12.58%3.73%
Return on Equity (Normalized)
 17.78%45.17%7.30%
Return on Invested Capital (Normalized)
 11.37%17.87%6.67%
Return on Assets
SUL
DKS
BAP

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Morningstar Rating for Stocks
Capital Allocation
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BBY
RdzqxtcPmnfs$22.0 Bil
 Williams-Sonoma Inc
WSM
HlwjwrzcPmkp$19.5 Bil
 Ulta Beauty Inc
ULTA
MngttynfybJcgnb$19.0 Bil
 Dick's Sporting Goods Inc
DKS
BxqyrrcvJvlkjz$17.0 Bil
 Casey's General Stores Inc
CASY
SkkjvyvjBjnbgz$13.6 Bil
 Murphy USA Inc
MUSA
ZzkpyqkpPxmcv$10.2 Bil
 Bath & Body Works Inc
BBWI
DxdzlyvgjGfygrr$7.1 Bil

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