Ann: Analyst & Investor Event Material, page-3

Macquarie have also come out today with $10.60 target but the consensus targets are what I take note of... $12.60 lines up with Ords. Potential for 23% return plus any divs on top of that

APE - EAGERS AUTOMOTIVE LIMITED

Macquarie rates APE as Neutral (3) - Eagers Automotive has outlined the margin levers available to expand profit margins by 1.9% over a five-plus year period. Macquarie believes Eagers' scale advantages should allow it to expand margins more than peers, but it is not alone.

Competitors have a degree of access to the same levers, the broker notes, which would mean some benefits being competed away:

The broker has further found that Chinese OEMs are more aggressive and unrealistic during JV negotiations. They're also a higher risk of ending an agreement even if their distribution partner does a good job, which Eagers highlighted as a risk.

Hence an exclusive BYD distribution deal is not guaranteed. Neutral and $10.60 target retained.

Target price is $10.60 Current Price is $10.27 Difference: $0.33 If APE meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges). Current consensus price target is $12.62, suggesting upside of 22.9%(ex-dividends)The company's fiscal year ends in December.

Forecast for FY24:

Macquarie forecasts a full year FY24 dividend of 61.00 cents and EPS of 94.20 cents . At the last closing share price the estimated dividend yield is 5.94%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.90. How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 99.7, implying annual growth of -10.0%. Current consensus DPS estimate is 69.2, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 10.3.

Forecast for FY25:

Macquarie forecasts a full year FY25 dividend of 59.00 cents and EPS of 90.70 cents . At the last closing share price the estimated dividend yield is 5.74%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.32. How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 85.4, implying annual growth of -14.3%. Current consensus DPS estimate is 69.8, implying a prospective dividend yield of 6.8%. Current consensus EPS estimate suggests the PER is 12.0.

Market Sentiment: 0.4All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources