Ann: S&P DJI Announces December 2021 Quarterly Rebalance, page-8

	BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET
1	UBS	09/12/2021	3	Initiation of coverage with Neutral	$3.45	3.60%
2	COMMENTARYUBS initiates coverage on the global online market place Redbubble with a Neutral rating and $3.45 target price. The market place provides a platform for independent artists to monetise their work.The investment thesis relies upon the company's 'scale' target of $1.25bn of revenue at an earnings (EBITDA) margin of 13-18% over the medium term. The broker estimates the former is achievable by FY28 though improving unit economics will be needed to achieve the latter.The analyst's forecasts are more conservative than consensus estimates as reinvestment is needed to drive double digittop-line growth. Furthermore, surging covid-related sales are expected to normalise.FORECASTUBS forecasts a full year FY22 dividend of 0.00 cents and EPS of 2.00 cents.UBS forecasts a full year FY23 dividend of 0.00 cents and EPS of 4.00 cents.

From fnarena - might be the comments on reinvestment, and covid sales normalising