Director, RaaS Research Group, Research as a Service (RaaS)

Research as a Service (RaaS)

Director, RaaS Research Group

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Equity Bottom-Up

Step One Clothing Pty Ltd / Equity Bottom-Up

<ul><li>Step One Clothing (ASX:STP) is a Direct to Consumer (DTC), 100%-own-brand underwear retailer specialising in anti-chafe bamboo underwear across men’s and women’s wear, with a core colour range supplemented by regular limited-edition releases, all with FSC (Forest Stewardship Council) certification throughout the supply chain.</li><li>The company has operations in Australia (67% of sales), UK, (30% of sales) and the US (3% of sales). A H1 FY23 sales decline of 5.7% was better than our industry average estimate of-19% cycling lockdown, while lower sales and marketing spend saw EBITDA in-line with the pcp at $7.6m, the highest of any industry peer.</li><li>H2 FY23 should see similar trends and deliver EBITDA well above consensus.</li></ul>

Step One Clothing (ASX:STP) is a Direct to Consumer (DTC), 100%-own-brand underwear retailer specialising in anti-chafe bamboo underwear across men’s and women’s wear, with a core colour range supplemented by regular limited-edition releases, all with FSC (Forest Stewardship Council) certification throughout the supply chain.The company has operations in Australia (67% of sales), UK, (30% of sales) and the US (3% of sales). A H1 FY23 sales decline of 5.7% was better than our industry average estimate of-19% cycling lockdown, while lower sales and marketing spend saw EBITDA in-line with the pcp at $7.6m, the highest of any industry peer.H2 FY23 should see similar trends and deliver EBITDA well above consensus.

Step One Clothing Ltd - Underwear Under Valued

<ul>
<li>Step One Clothing (ASX:STP) is a Direct to Consumer (DTC), 100%-own-brand underwear retailer specialising in anti-chafe bamboo underwear across men’s and women’s wear.,</li>
<li>A H1 FY23 sales decline of 5.7% was better than our industry average estimate of -19%, while  EBITDA was in-line with the pcp, the highest of any industry peer. </li>
<li>On our estimates this superior business model currently trades at a PER of 1.0x ex-cash. Inventory is the key risk, currently representing ~two years’ sales, but is low fashion risk.leared.</li>
</ul>


Step One Clothing (ASX:STP) is a Direct to Consumer (DTC), 100%-own-brand underwear retailer specialising in anti-chafe bamboo underwear across men’s and women’s wear.,
A H1 FY23 sales decline of 5.7% was better than our industry average estimate of -19%, while  EBITDA was in-line with the pcp, the highest of any industry peer. 
On our estimates this superior business model currently trades at a PER of 1.0x ex-cash. Inventory is the key risk, currently representing ~two years’ sales, but is low fashion risk.leared.


Step One Holdings Ltd - Underwear Under Valued

Australia

Step One Clothing Pty Ltd retails apparels and accessories.

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Step One Clothing Pty Ltd (STP AU)

Step One Clothing Ltd - Underwear Under Valued

STP is a Direct-to-Consumer retailer of own-brand (Step One) men’s and women’s underwear, with a particular focus on its anti-chafe design and...

Research as a Service (RaaS)

Step One Holdings Ltd - Underwear Under Valued

It is our view that the market has completely missed Step One's better-than-peer H1 performance and H2 FY23 outlook. We estimate this superior...

Research as a Service (RaaS)

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