Here is a copy of my post on TPW earlier this afternoon following TPW prelim annual results released today for FY'21.
It takes quite a deal of investment to grow GP margins especially going down the private label route which requires either own warehousing or 3PL, both of which are much more expensive than the drop ship model direct from manufacturer/importer.
Below is a little table comparisom to Adairs (ADH) who report on 20th August. A peer and a good comparison to TPW. Also ADH is expected to pay a good dividend this half.
Column 1
Column 2
Column 3
Column 4
0
TPW
ADH
1
2
EBIT
19
107
3
4
NPAT
14
75
5
6
EPS
11.6cents
44.4cents
7
8
P/E
108.2x
9.1x
9
10
Share Price
$12.55
$4.05
ADH Price at posting:
$4.02 Sentiment: Buy Disclosure: Held
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