Ideas

Altium reported an FY23 result consistent with both our forecasts and the guidance. We have decreased our PT to A$40.00 and maintain our Hold recommendation.

Cogstate key financial results were largely ahead of guidance released in May 2023 and our previous forecasts. We maintain our Hold recommendation with a price target of $1.60.

A2M reported FY23 underlying NPAT ahead of our expectations at NZ$155.6m. Our Hold rating remains unchanged.

Envirosuite provided a 4QFY23 sales update which was a record in terms of quarter sales. We maintain our Buy recommendation and PT of $0.20.

We have revisited the latest furniture & homewares (F&H) category trends and thereby our TPW forecasts/valuation. Our TPW PT increases 36% to $6.40/share (prev. $4.70/share), while we maintain a Hold rating.

MAD reported its 12th consecutive quarter of revenue growth. Quarterly revenue of $173m resulted in FY23 revenue of $609m, in line with our expectation and MAD’s twice-upgraded full year guidance of >$580m.