FND’s FY25 revenue beat guidance expectations (A$75m vs A$68m to A$70m)., whilst reported EBITDA came in at the mid-point of guidance (A$30m-A$32m). We saw this as a somewhat mixed result. While the headline numbers faired well versus guidance parameters they were assisted by higher “other income.” More positively F25 Operating cashflow generation was strong and FND’s India IPO remains on track. We lower our FND FY26F/FY27F EPS by >10% off low bases. Our target price falls to A$7.55 (previously A$8.35) on our earnings changes. We think FND management are executing well on the company’s overall build out, and with significant upside potential existing to our price target, we maintain our ADD call. We lower our FND FY26F/FY27F EPS by >10% off low bases. Our target price falls to A$7.55 (previously A$8.35) on our earnings changes.
(20min delay)