Adairs has delivered relatively consistent performance financially since listing, Canaccord Genuity notes, ahead of initiating coverage with a Buy rating and $2.32 target. Winter sales are the most significant of the seasonal promotional campaigns and responsible for a slight weighting to second half revenue and earnings. Cash conversion has been strong and net debt has fallen to $10m at the end of 2018. Guidance provided in August 2018 indicated FY19 like-for-like sales growth of 5-8%.
Higher costs were one area that disappointed Morgans in the first half, although this was attributed to capacity constraints at the distribution centre. The broker also notes the dividend pay-out policy has been increased to 60-85% from 55-70%. Morgans maintains an Add rating and $2.25 target.
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Last
$2.55 |
Change
0.030(1.19%) |
Mkt cap ! $450.6M | |||
| Open | High | Low | Value | Volume |
| $2.55 | $2.60 | $2.54 | $1.207M | 470.0K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 3838 | $2.52 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $2.56 | 3566 | 2 |
View Market Depth
| Last trade - 16.10pm 12/09/2025 (20 minute delay) ? |
| ADH (ASX) Chart |