Board Change • Mar 10
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. Independent Non-Executive Chairman Steve Fisher is the most experienced director on the board, commencing their role in 2022. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Mar 01
Price target decreased by 18% to AU$0.35 Down from AU$0.42, the current price target is an average from 3 analysts. New target price is 93% above last closing price of AU$0.18. Stock is down 92% over the past year. The company is forecast to post earnings per share of AU$0.0079 next year compared to a net loss per share of AU$2.14 last year. Announcement • Jan 31
BWX Limited Provides Revised Earnings Guidance for the Year Ending 30 June 2023 BWX Limited provided revised earnings guidance for the year ending 30 June 2023. The company now expects revenue to be in the range of AUD 170 million - AUD 190 million against previous guidance of AUD 205 million - AUD 230 million. Reported Earnings • Dec 20
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: AU$2.14 loss per share (down from AU$0.13 profit in FY 2021). Revenue: AU$198.3m (up 8.3% from FY 2021). Net loss: AU$337.0m (down AU$354.5m from profit in FY 2021). Revenue missed analyst estimates by 5.9%. Earnings per share (EPS) also missed analyst estimates significantly. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Personal Products industry in Oceania. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. Announcement • Dec 20
BWX Limited Announces Update on Board Changes BWX Limited announced the following update on Board changes: · Orderly Board renewal with the appointment of new Chair and independent non- executive director · Retirement of Chair · Resignation of two independent non-executive directors Mr. Ian Campbell, Chair of BWX Limited, notified the BWX Board of his intention to retire from his position as Chair of the Company with effect from 19 December 2022 but to remain as a independent non-executive director. Mr. Steven Fisher will take up the role of Chair of the Company and appointment as an independent non-executive director on the same date. Continuing the Board renewal process, BWX also announced the resignation of current independent non-executive Directors, Ms. Fiona Bennett and Mr. Rod Walker, effective 19 December 2022. Mr. Fisher brings over 30 years' experience in the consumer goods industry in general management and Board positions. He currently serves as the non-executive Chair of two ASX- listed companies: The Reject Shop Limited (since 2019) and Laybuy Group Ltd. (since 2021). Mr. Fisher is also the former Chairman of Breville Group Limited (between 2013 - 2021) following a decade-long Directorship at the same Company (2004 - 2013). Mr. Fisher was also the former Managing Director of the Voyager Group. Mr. Campbell was appointed as a Non-Executive Director of BWX in 2015, before being appointed as Chair in September 2018. He also served as Chair of the People & Culture Committee since July 2020. While Mr. Campbell is remaining as an independent non- executive director, he has made a significant contribution to BWX including helping to guide the business through its Initial Public Offering in 2015, the global pandemic and at the same time overseeing BWX's move to its new head office and manufacturing hub in Clayton, Victoria. Ms. Fiona Bennett joined the BWX Board in December 2018 and was appointed Chair of the Audit & Risk Committee in March 2019. She also served on the People & Culture Committee and the ESG and Sustainability Committee. Mr. Rod Walker joined the BWX Board in October 2019 and was appointed Chair of the ESG and Sustainability Committee in April 2021. He also served on the People & Culture Committee and the Audit and Risk Committee. Announcement • Dec 10
Anagenics Limited (ASX:AN1) acquired Uspa Global Pty. Ltd. from BWX Limited (ASX:BWX). Anagenics Limited (ASX:AN1) acquired Uspa Global Pty. Ltd. from BWX Limited (ASX:BWX) on December 9, 2022. The acquisition will be funded entirely by Anagenics Limited's cash on hand.Anagenics Limited (ASX:AN1) completed the acquisition of Uspa Global Pty. Ltd. from BWX Limited (ASX:BWX) on December 9, 2022. Announcement • Nov 28
BWX Limited Announces CFO Changes BWX Limited advised the resignation of Group Chief Financial Officer (CFO), Ms. Efee Peell, effective November 28, 2022. Ms. Peell commenced with BWX Limited on 23 March 2020. After an extended period of leave for health reasons, Ms. Peell has resigned to focus on her recovery. The Board thanks Ms. Peell for her contribution to BWX and wishes her well for the future. While the Company has commenced an executive search for Ms. Peell's permanent replacement, Mr. Birol Akdogan has been appointed interim Chief Financial Officer, effective November 28, 2022. Mr. Akdogan is an experienced CFO with more than twenty-years of executive and senior management roles in finance in listed Australian companies. He has an excellent record of change management and implementation of control-based systems. Most recently, Mr. Akdogan was General Manager, Group Finance at Super Retail Group. Prior to that, he served as the CFO and CEO of Murray River Organics, after more than a decade of senior finance roles at global healthcare manufacturer, Ansell Limited. Announcement • Sep 27
BWX Limited Announces Resignation of Michelle Hepworth as Non-Independent Non-Executive Director BWX Limited announced that Ms. Michelle Hepworth, non-independent non-executive director has resigned from the board of the company with effect on 26 September 2022. Buying Opportunity • Aug 15
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 45%. The fair value is estimated to be AU$0.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 10%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings is also forecast to grow by 80% per annum over the same time period. Announcement • Aug 11
BWX Limited Announces Executive Changes BWX Limited announced two key changes to its Board of Directors, effective from this date. Mr. Denis Shelley resignation: Denis Shelley has resigned from his position as an independent Non-Executive Director of the Company with effect on 11 August 2022. Denis was originally the Chair of BWX, a position he held from July 2013 until September 2018 when he became a Non Executive Director. He was also a member of the People & Culture Committee and the Audit & Risk Committee. In his near decade-long service to BWX, Denis has made a significant contribution to BWX, including overseeing the acquisition of the Group's cornerstone Sukin brand and subsequent listing on the ASX. As the nominee of Tattarang Ventures No. 2 Pty Ltd. (Tattarang Ventures), Michelle Hepworth has been appointed as a non-independent Non-Executive Director tothe BWX Board, in line with Tattarang Ventures' entitlement to nominate a director. Michelle is currently an Investment Manager at Tattarang. Formerly of Citi, Michelle has completed numerous transactions over the course of her career both domestically and internationally. Michelle brings retail experience to the role as the former Acting CEO and current Director of RM Williams Pty Ltd. She is also a Director of GLX Digital Ltd. Michelle holds a Bachelor of Laws and a Bachelor of Economics from the University of Western Australia. Announcement • Jul 19
BWX Limited has completed a Follow-on Equity Offering in the amount of AUD 9.683514 million. BWX Limited has completed a Follow-on Equity Offering in the amount of AUD 9.683514 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 16,139,190
Price\Range: AUD 0.6
Discount Per Security: AUD 0.018
Transaction Features: Rights Offering Buying Opportunity • Jul 15
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 63%. The fair value is estimated to be AU$0.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 10%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings is also forecast to grow by 80% per annum over the same time period. Announcement • Jul 04
BWX Limited to Report Fiscal Year 2022 Results on Aug 26, 2022 BWX Limited announced that they will report fiscal year 2022 results on Aug 26, 2022 Price Target Changed • Jun 29
Price target decreased to AU$1.67 Down from AU$2.03, the current price target is an average from 9 analysts. New target price is 152% above last closing price of AU$0.67. Stock is down 88% over the past year. The company posted earnings per share of AU$0.17 last year. Recent Insider Transactions • Jun 19
Insider recently bought AU$30m worth of stock On the 17th of June, John Forrest bought around 27m shares on-market at roughly AU$1.11 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$31m more in shares than they have sold in the last 12 months. Price Target Changed • May 23
Price target decreased to AU$2.07 Down from AU$2.22, the current price target is an average from 9 analysts. New target price is 49% above last closing price of AU$1.39. Stock is down 74% over the past year. The company is forecast to post earnings per share of AU$0.031 for next year compared to AU$0.17 last year. Major Estimate Revision • May 21
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 consensus EPS increased from AU$0.03 to AU$0.03. Revenues were reaffirmed at AU$244.4m. Net income forecast to shrink 14% next year vs 14% growth forecast for Personal Products industry in Australia . Consensus price target down from AU$2.22 to AU$2.08. Share price was steady at AU$1.35 over the past week. Major Estimate Revision • May 07
Consensus EPS estimates fall by 69% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from AU$259.7m to AU$252.2m. EPS estimate also fell from AU$0.07 per share to AU$0.02 per share. Net income forecast to grow 3.5% next year vs 15% growth forecast for Personal Products industry in Australia. Consensus price target down from AU$4.03 to AU$3.10. Share price fell 28% to AU$1.35 over the past week. Valuation Update With 7 Day Price Move • May 06
Investor sentiment deteriorated over the past week After last week's 28% share price decline to AU$1.35, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 20x in the Personal Products industry globally. Total loss to shareholders of 28% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AU$2.01 per share. Price Target Changed • Apr 27
Price target decreased to AU$4.11 Down from AU$4.44, the current price target is an average from 10 analysts. New target price is 119% above last closing price of AU$1.88. Stock is down 60% over the past year. The company is forecast to post earnings per share of AU$0.074 for next year compared to AU$0.17 last year. Price Target Changed • Apr 02
Price target decreased to AU$4.11 Down from AU$4.44, the current price target is an average from 10 analysts. New target price is 83% above last closing price of AU$2.25. Stock is down 52% over the past year. The company is forecast to post earnings per share of AU$0.074 for next year compared to AU$0.17 last year. Announcement • Mar 31
BWX Limited Announces Resignation of Dave Fenlon as Non-Executive Director BWX Limited announced that Dave Fenlon has resigned from his position as Non-Executive Director on the BWX Board, effective on 30 March 2022. Mr. Fenlon's resignation comes as a result of his increasing commitments outside of his role as a BWX NED. Recent Insider Transactions • Mar 04
Independent Non-Executive Chairman recently bought AU$99k worth of stock On the 3rd of March, Ian Campbell bought around 41k shares on-market at roughly AU$2.40 per share. This was the largest purchase by an insider in the last 3 months. This was Ian's only on-market trade for the last 12 months. Announcement • Mar 03
BWX Limited Appoints Rory Gration as Director BWX Limited announced the appointment of Rory Gration as Director. Date of appointment is 1 March 2022. Major Estimate Revision • Mar 03
Consensus EPS estimates fall by 53% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from AU$279.3m to AU$258.3m. EPS estimate also fell from AU$0.16 per share to AU$0.07 per share. Net income forecast to grow 57% next year vs 16% growth forecast for Personal Products industry in Australia. Consensus price target down from AU$5.48 to AU$4.19. Share price fell 29% to AU$2.40 over the past week. Price Target Changed • Feb 28
Price target decreased to AU$4.99 Down from AU$5.48, the current price target is an average from 9 analysts. New target price is 104% above last closing price of AU$2.45. Stock is down 44% over the past year. The company is forecast to post earnings per share of AU$0.15 for next year compared to AU$0.17 last year. Reported Earnings • Feb 27
First half 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First half 2022 results: AU$0.015 loss per share (down from AU$0.071 profit in 1H 2021). Revenue: AU$103.4m (up 22% from 1H 2021). Net loss: AU$2.34m (down 124% from profit in 1H 2021). Revenue missed analyst estimates by 3.7%. Earnings per share (EPS) were also behind analyst expectations. Over the next year, revenue is forecast to grow 41%, compared to a 20% growth forecast for the industry in Australia. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Feb 25
BWX Limited Provides Revenue Guidance for the Year 2022 BWX Limited announced that the company anticipates strong underlying revenue in 2022 with performance weighted to the second half 2022, while continuing to monitor the external COVID-impacted trading environment. This outlook is supported by sales momentum in second quarter of 2022, which is continuing into third quarter 2022. Announcement • Feb 22
BWX Limited to Report First Half, 2022 Results on Feb 25, 2022 BWX Limited announced that they will report first half, 2022 results on Feb 25, 2022 Announcement • Jan 14
BWX Provides Earning Guidance for the Half-Year Ended December 31, 2021 BWX provides earning guidance for the half-year ended December 31, 2021. For the period, the company expects strong revenue growth, including acquisitions. Buying Opportunity • Jan 13
Now 29% undervalued after recent price drop Over the last 90 days, the stock is down 23%. The fair value is estimated to be AU$5.24, however is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% per annum over the last 3 years. Earnings per share has grown by 6.6% per annum over the last 3 years. Reported Earnings • Oct 07
Full year 2021 earnings released: EPS AU$0.17 (vs AU$0.12 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: AU$194.1m (up 3.4% from FY 2020). Net income: AU$23.7m (up 61% from FY 2020). Profit margin: 12% (up from 7.8% in FY 2020). Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 12% per year. Upcoming Dividend • Sep 28
Upcoming dividend of AU$0.031 per share Eligible shareholders must have bought the stock before 05 October 2021. Payment date: 29 October 2021. Trailing yield: 0.8%. Lower than top quartile of Australian dividend payers (5.5%). Lower than average of industry peers (1.6%). Announcement • Sep 01
BWX Limited has completed a Follow-on Equity Offering in the amount of AUD 84.999999 million. BWX Limited has completed a Follow-on Equity Offering in the amount of AUD 84.999999 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 17,525,773
Price\Range: AUD 4.85
Discount Per Security: AUD 0.12125
Transaction Features: Subsequent Direct Listing Reported Earnings • Aug 28
Full year 2021 earnings released: EPS AU$0.17 (vs AU$0.12 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: AU$388.2m (up 107% from FY 2020). Net income: AU$383.4m (up AU$368.2m from FY 2020). Profit margin: 99% (up from 8.1% in FY 2020). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 7% per year. Announcement • Aug 27
BWX Limited (ASX:BWX) entered into an agreement to acquire a 50.1% stake in Go-To Skincare from Zoë Foster Blake for AUD 89 million. BWX Limited (ASX:BWX) entered into an agreement to acquire a 50.1% stake in Go-To Skincare from Zoë Foster Blake for AUD 89 million on August 27, 2021. Go-To will remain an independently operated, standalone, founder-led brand, leveraging BWX expertise and capability in certain areas. The Partnership is to be funded with an approximately AUD 85 million fully underwritten institutional placement and approximately AUD 15 million share purchase plan. Post completion, Go-To Founder Zoë Foster Blake will remain a strategic shareholder, Chief Creative Officer and a Board Director of Go-To; other Go-To Co-Founders to remain in the Partnership. Transaction is s subject to customary closing conditions and adjustments which are expected to be satisfied at or around Q1 FY22. Macquarie Capital (Australia) Limited acted as legal advisor and MinterEllison acted as financial advisor to BWX Limited (ASX:BWX). Canterbury Partners Pty Ltd acted as financial advisor and Maddocks Lawyers acted as legal advisor to Go-To Skincare. Announcement • Jul 03
BWX Limited (ASX:BWX) completed the acquisition of The Good Collective Pty Ltd for AUD 27.9 million. BWX Limited (ASX:BWX) entered into an agreement to acquire The Good Collective Pty Ltd for AUD 30.8 million on May 17, 2021. BWX has agreed to acquire Flora & Fauna for a consideration expected to be between AUD 27.9 million to AUD 30.8 million payable on closing based on multiples of FY21 revenue performance of Flora & Fauna, representing a multiple of between 1.6x and 1.8x actual FY21 revenue. The acquisition will be fully funded through a debt facility provided by the Company’s lender. Flora & Fauna reported FY20 revenue of AUD 12 million. Founder and Chief Executive Officer of Flora & Fauna, Julie Mathers and her entire team will be joining the BWX business. The acquisition is anticipated to complete in July 2021. Acquisition to be EPS accretive in FY22 and strongly EPS accretive by FY24 with the realization of anticipated synergies. Deloitte Services Pty Ltd acted as accountant to The Good Collective Pty Ltd. Hamilton Locke acted as legal advisor to The Good Collective Pty Ltd. KPMG Australia acted as accountant to BWX Limited. Maddocks Inc. Pty Ltd. acted as legal advisor to BWX Limited.
BWX Limited (ASX:BWX) completed the acquisition of The Good Collective Pty Ltd for AUD 27.9 million on July 2, 2021. consideration representing a multiple of between 1.7x actual FY21 revenue. Announcement • May 19
BWX Limited (ASX:BWX) entered into an agreement to acquire The Good Collective Pty Ltd for AUD 30.8 million. BWX Limited (ASX:BWX) entered into an agreement to acquire The Good Collective Pty Ltd for AUD 30.8 million on May 17, 2021. BWX has agreed to acquire Flora & Fauna for a consideration expected to be between AUD 27.9 million to AUD 30.8 million payable on closing based on multiples of FY21 revenue performance of Flora & Fauna, representing a multiple of between 1.6x and 1.8x actual FY21 revenue. The acquisition will be fully funded through a debt facility provided by the Company’s lender. Flora & Fauna reported FY20 revenue of AUD 12 million. Founder and Chief Executive Officer of Flora & Fauna, Julie Mathers and her entire team will be joining the BWX business. The acquisition is anticipated to complete in July 2021. Acquisition to be EPS accretive in FY22 and strongly EPS accretive by FY24 with the realization of anticipated synergies. Deloitte Services Pty Ltd acted as accountant to The Good Collective Pty Ltd. Hamilton Locke acted as legal advisor to The Good Collective Pty Ltd. KPMG Australia acted as accountant to BWX Limited. Maddocks Inc. Pty Ltd. acted as legal advisor to BWX Limited. Executive Departure • May 03
Independent Non-Executive Director has left the company On the 30th of April, Jodie Leonard's tenure as Independent Non-Executive Director ended after 2.4 years in the role. As of December 2020, Jodie personally held 67.09k shares (AU$276k worth at the time). Jodie is the only executive to leave the company over the last 12 months. Upcoming Dividend • Mar 10
Upcoming Dividend of AU$0.01 Per Share Will be paid on the 15th of April to those who are registered shareholders by the 17th of March. The trailing yield of 1.1% is below the top quartile of Australian dividend payers (5.4%), and is lower than industry peers (1.8%). Analyst Estimate Surprise Post Earnings • Mar 03
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 7.1%. Earnings per share (EPS) exceeded analyst estimates by 4.9%. Over the next year, revenue is forecast to grow 20%, compared to a 8.8% growth forecast for the Personal Products industry in Australia. Reported Earnings • Feb 28
First half 2021 earnings released: EPS AU$0.072 (vs AU$0.034 in 1H 2020) The company reported a solid first half result with improved earnings and profit margins, although revenues were flat. First half 2021 results: Revenue: AU$84.5m (flat on 1H 2020). Net income: AU$9.86m (up 133% from 1H 2020). Profit margin: 12% (up from 5.0% in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 4% per year. Announcement • Feb 22
BWX Limited to Report First Half, 2021 Results on Feb 26, 2021 BWX Limited announced that they will report first half, 2021 results on Feb 26, 2021 Is New 90 Day High Low • Feb 17
New 90-day low: AU$3.89 The company is down 5.0% from its price of AU$4.08 on 19 November 2020. The Australian market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Personal Products industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$6.23 per share. Announcement • Nov 16
BWX Limited Announces Strategic Partnership with THG Holdings plc BWX Limited announced a strategic partnership with THG Holdings plc. THG Ingenuity - the technology services division of THG Holdings plc - is a global proprietary technology platform specialising in taking brands direct to consumers. It offers BWX an end- to-end e-commerce solution and access to its digital platform and full service supply chain to build more meaningful scale for BWX's brand portfolio across Europe and Asia. Is New 90 Day High Low • Oct 30
New 90-day low: AU$3.78 The company is down 3.0% from its price of AU$3.90 on 31 July 2020. The Australian market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Personal Products industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$5.85 per share. Announcement • Aug 11
BWX Limited has completed a Follow-on Equity Offering in the amount of AUD 12 million. BWX Limited has completed a Follow-on Equity Offering in the amount of AUD 12 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 3,529,412
Price\Range: AUD 3.4 Announcement • Jul 18
BWX Limited has completed a Follow-on Equity Offering in the amount of AUD 40.12 million. BWX Limited has completed a Follow-on Equity Offering in the amount of AUD 40.12 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 11,800,000
Price\Range: AUD 3.4
Discount Per Security: AUD 0.085
Transaction Features: Subsequent Direct Listing Announcement • Jun 22
BWX Limited(ASX:BWX) dropped from S&P/ASX Emerging Companies Index BWX Limited(ASX:BWX) dropped from S&P/ASX Emerging Companies Index 
