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AX1

Accent Group ASX:AX1 Stock Report

Last Price

AU$1.33

Market Cap

AU$685.5m

7D

5.6%

1Y

-40.6%

Updated

29 Sep, 2022

Data

Company Financials +
AX1 fundamental analysis
Snowflake Score
Valuation3/6
Future Growth3/6
Past Performance2/6
Financial Health4/6
Dividends3/6

AX1 Stock Overview

Accent Group Limited engages in the retail, distribution, and franchise of lifestyle footwear, and apparel and accessories in Australia and New Zealand.

Accent Group Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Accent Group
Historical stock prices
Current Share PriceAU$1.33
52 Week HighAU$2.77
52 Week LowAU$1.14
Beta1.56
1 Month Change-12.21%
3 Month Change6.40%
1 Year Change-40.63%
3 Year Change-18.90%
5 Year Change68.35%
Change since IPO133.33%

Recent News & Updates

Sep 05
Returns On Capital Signal Tricky Times Ahead For Accent Group (ASX:AX1)

Returns On Capital Signal Tricky Times Ahead For Accent Group (ASX:AX1)

If you're looking for a multi-bagger, there's a few things to keep an eye out for. Firstly, we'd want to identify a...

Aug 22
Accent Group (ASX:AX1) Is Paying Out A Larger Dividend Than Last Year

Accent Group (ASX:AX1) Is Paying Out A Larger Dividend Than Last Year

The board of Accent Group Limited ( ASX:AX1 ) has announced that it will be paying its dividend of A$0.04 on the 15th...

Shareholder Returns

AX1AU Specialty RetailAU Market
7D5.6%-5.2%-3.8%
1Y-40.6%-24.7%-12.6%

Return vs Industry: AX1 underperformed the Australian Specialty Retail industry which returned -24.7% over the past year.

Return vs Market: AX1 underperformed the Australian Market which returned -12.6% over the past year.

Price Volatility

Is AX1's price volatile compared to industry and market?
AX1 volatility
AX1 Average Weekly Movement7.4%
Specialty Retail Industry Average Movement7.0%
Market Average Movement9.6%
10% most volatile stocks in AU Market16.8%
10% least volatile stocks in AU Market4.2%

Stable Share Price: AX1 is not significantly more volatile than the rest of Australian stocks over the past 3 months, typically moving +/- 7% a week.

Volatility Over Time: AX1's weekly volatility (7%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
19816,500Daniel Agostinellihttps://www.accentgr.com.au

Accent Group Limited engages in the retail, distribution, and franchise of lifestyle footwear, and apparel and accessories in Australia and New Zealand. The company’s brands and banners include The Athlete’s Foot, Platypus Shoes, Hype DC, Skechers, Merrell, CAT, Vans, Dr. Martens, Saucony, Timberland, Hoka One One, Superga, Kappa, Palladium, Supra, Subtype, The Trybe, Stylerunner, Glue Store and Autry. It also operates 760 stores and 36 websites across 26 various retail banners, as well as holds exclusive distribution rights for 18 international brands.

Accent Group Fundamentals Summary

How do Accent Group's earnings and revenue compare to its market cap?
AX1 fundamental statistics
Market CapAU$685.46m
Earnings (TTM)AU$31.46m
Revenue (TTM)AU$1.13b

22.9x

P/E Ratio

0.6x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
AX1 income statement (TTM)
RevenueAU$1.13b
Cost of RevenueAU$504.99m
Gross ProfitAU$624.81m
Other ExpensesAU$593.34m
EarningsAU$31.46m

Last Reported Earnings

Jun 26, 2022

Next Earnings Date

n/a

Earnings per share (EPS)0.058
Gross Margin55.30%
Net Profit Margin2.78%
Debt/Equity Ratio38.4%

How did AX1 perform over the long term?

See historical performance and comparison

Dividends

4.9%

Current Dividend Yield

112%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is AX1 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for AX1?

Other financial metrics that can be useful for relative valuation.

AX1 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue1.1x
Enterprise Value/EBITDA11.8x
PEG Ratio1.2x

Price to Earnings Ratio vs Peers

How does AX1's PE Ratio compare to its peers?

AX1 PE Ratio vs Peers
The above table shows the PE ratio for AX1 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average13.3x
UNI Universal Store Holdings
17.2x17.0%AU$366.0m
CCX City Chic Collective
14.8x16.6%AU$323.1m
BST Best & Less Group Holdings
7.7x10.9%AU$278.3m
PMV Premier Investments
15.2x2.8%AU$3.3b
AX1 Accent Group
22.9x18.8%AU$685.5m

Price-To-Earnings vs Peers: AX1 is expensive based on its Price-To-Earnings Ratio (22.9x) compared to the peer average (13.3x).


Price to Earnings Ratio vs Industry

How does AX1's PE Ratio compare vs other companies in the AU Specialty Retail Industry?

Price-To-Earnings vs Industry: AX1 is expensive based on its Price-To-Earnings Ratio (22.9x) compared to the Australian Specialty Retail industry average (9.7x)


Price to Earnings Ratio vs Fair Ratio

What is AX1's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

AX1 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio22.9x
Fair PE Ratio16.4x

Price-To-Earnings vs Fair Ratio: AX1 is expensive based on its Price-To-Earnings Ratio (22.9x) compared to the estimated Fair Price-To-Earnings Ratio (16.4x).


Share Price vs Fair Value

What is the Fair Price of AX1 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: AX1 (A$1.33) is trading below our estimate of fair value (A$6.48)

Significantly Below Fair Value: AX1 is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.


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Future Growth

How is Accent Group forecast to perform in the next 1 to 3 years based on estimates from 10 analysts?

Future Growth Score

3/6

Future Growth Score 3/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


18.8%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: AX1's forecast earnings growth (18.8% per year) is above the savings rate (1.8%).

Earnings vs Market: AX1's earnings (18.8% per year) are forecast to grow faster than the Australian market (6.6% per year).

High Growth Earnings: AX1's earnings are forecast to grow, but not significantly.

Revenue vs Market: AX1's revenue (7% per year) is forecast to grow faster than the Australian market (3.6% per year).

High Growth Revenue: AX1's revenue (7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: AX1's Return on Equity is forecast to be low in 3 years time (17.9%).


Discover growth companies

Past Performance

How has Accent Group performed over the past 5 years?

Past Performance Score

2/6

Past Performance Score 2/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


7.4%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: AX1 has high quality earnings.

Growing Profit Margin: AX1's current net profit margins (2.8%) are lower than last year (7.8%).


Past Earnings Growth Analysis

Earnings Trend: AX1's earnings have grown by 7.4% per year over the past 5 years.

Accelerating Growth: AX1's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: AX1 had negative earnings growth (-59.1%) over the past year, making it difficult to compare to the Specialty Retail industry average (-0.5%).


Return on Equity

High ROE: AX1's Return on Equity (7.1%) is considered low.


Discover strong past performing companies

Financial Health

How is Accent Group's financial position?

Financial Health Score

4/6

Financial Health Score 4/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: AX1's short term assets (A$375.2M) exceed its short term liabilities (A$313.1M).

Long Term Liabilities: AX1's short term assets (A$375.2M) do not cover its long term liabilities (A$462.5M).


Debt to Equity History and Analysis

Debt Level: AX1's net debt to equity ratio (27.1%) is considered satisfactory.

Reducing Debt: AX1's debt to equity ratio has increased from 28.2% to 38.4% over the past 5 years.

Debt Coverage: AX1's debt is well covered by operating cash flow (83%).

Interest Coverage: AX1's interest payments on its debt are well covered by EBIT (4.1x coverage).


Balance Sheet


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Dividend

What is Accent Group current dividend yield, its reliability and sustainability?

Dividend Score

3/6

Dividend Score 3/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


4.89%

Current Dividend Yield

Dividend Yield vs Market

Accent Group Dividend Yield vs Market
How does Accent Group dividend yield compare to the market?
SegmentDividend Yield
Company (Accent Group)4.9%
Market Bottom 25% (AU)2.8%
Market Top 25% (AU)7.2%
Industry Average (Specialty Retail)6.3%
Analyst forecast in 3 Years (Accent Group)8.2%

Notable Dividend: AX1's dividend (4.89%) is higher than the bottom 25% of dividend payers in the Australian market (2.8%).

High Dividend: AX1's dividend (4.89%) is low compared to the top 25% of dividend payers in the Australian market (7.19%).


Stability and Growth of Payments

Stable Dividend: AX1's dividend payments have been volatile in the past 10 years.

Growing Dividend: AX1's dividend payments have increased over the past 10 years.


Earnings Payout to Shareholders

Earnings Coverage: With its high payout ratio (111.9%), AX1's dividend payments are not well covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its reasonably low cash payout ratio (37.3%), AX1's dividend payments are well covered by cash flows.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

0.8yrs

Average management tenure


CEO

Daniel Agostinelli

7.33yrs

Tenure

AU$2,660,519

Compensation

Mr. Daniel John Agostinelli has been an Interim Divisional CEO for Accent Vertical & Apparel Brands at Accent Group Limited since April 2022. He has been Chief Executive Officer of Accent Group Limited (fo...


CEO Compensation Analysis

Daniel Agostinelli's Compensation vs Accent Group Earnings
How has Daniel Agostinelli's remuneration changed compared to Accent Group's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 26 2022AU$3mAU$1m

AU$31m

Mar 26 2022n/an/a

AU$35m

Dec 26 2021n/an/a

AU$39m

Sep 26 2021n/an/a

AU$58m

Jun 27 2021AU$4mAU$1m

AU$77m

Mar 27 2021n/an/a

AU$76m

Dec 27 2020n/an/a

AU$75m

Sep 27 2020n/an/a

AU$65m

Jun 28 2020n/an/a

AU$56m

Mar 28 2020n/an/a

AU$55m

Dec 29 2019n/an/a

AU$55m

Sep 29 2019n/an/a

AU$55m

Jun 30 2019AU$3mAU$1m

AU$54m

Mar 31 2019n/an/a

AU$52m

Dec 30 2018n/an/a

AU$51m

Sep 30 2018n/an/a

AU$47m

Jul 01 2018AU$2mAU$916k

AU$44m

Apr 01 2018n/an/a

AU$39m

Dec 31 2017n/an/a

AU$33m

Sep 30 2017n/an/a

AU$31m

Jul 02 2017AU$1mAU$565k

AU$29m

Apr 02 2017n/an/a

AU$32m

Dec 25 2016n/an/a

AU$35m

Sep 25 2016n/an/a

AU$32m

Jun 26 2016AU$809kAU$558k

AU$30m

Compensation vs Market: Daniel's total compensation ($USD1.72M) is above average for companies of similar size in the Australian market ($USD897.98K).

Compensation vs Earnings: Daniel's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: AX1's management team is not considered experienced ( 0.8 years average tenure), which suggests a new team.


Board Members

Experienced Board: AX1's board of directors are considered experienced (4.8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: AX1 insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

ASX:AX1 Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
26 Aug 22BuyAU$49,995Joshua Peter LowcockIndividual30,300AU$1.65
13 May 22BuyAU$5,119,998Brett BlundyIndividual4,000,000AU$1.28
11 May 22BuyAU$214,828Daniel AgostinelliIndividual162,000AU$1.33
10 May 22BuyAU$740,428Brett BlundyIndividual586,245AU$1.26
09 May 22BuyAU$5,602,757Brett BlundyIndividual4,373,467AU$1.28

Ownership Breakdown

What is the ownership structure of AX1?
Owner TypeNumber of SharesOwnership Percentage
Private Companies5,012,4000.9%
Public Companies5,204,9711.0%
Institutions41,078,3077.6%
Individual Insiders205,344,42837.9%
General Public285,226,60952.6%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Top 25 shareholders own 46.71% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
19.84%
Brett Blundy
107,502,463A$143.0m0%no data
6%
Craig Thompson
32,518,614A$43.2m0%no data
3.32%
Daniel Agostinelli
18,000,224A$23.9m0.91%no data
3.08%
The Vanguard Group, Inc.
16,716,014A$22.2m0.2%no data
2.31%
James Duell
12,500,000A$16.6m0%no data
2.03%
Daniel Gilbert
11,000,000A$14.6m0%no data
2.03%
Cindy Gilbert
11,000,000A$14.6m0%no data
1.45%
Dimensional Fund Advisors LP
7,878,220A$10.5m2.06%no data
1.38%
Michael Hapgood
7,500,000A$10.0m0%no data
0.96%
Washington H. Soul Pattinson and Company Limited
5,204,971A$6.9m0%no data
0.69%
Norges Bank Investment Management
3,714,549A$4.9m0%no data
0.67%
BlackRock, Inc.
3,644,809A$4.8m-9.3%no data
0.48%
David Gordon
2,599,034A$3.5m0%no data
0.44%
Pittmann Pty Limited
2,410,000A$3.2m-11.66%no data
0.36%
State Street Global Advisors, Inc.
1,957,069A$2.6m6.64%no data
0.28%
Tom Hadley Enterprises Pty. Ltd.
1,500,000A$2.0m0%no data
0.24%
Geoffrey Webster
1,295,642A$1.7m0%no data
0.23%
WisdomTree Asset Management, Inc.
1,248,535A$1.7m1.07%0.01%
0.21%
Terry Spyrides
1,150,000A$1.5m0%no data
0.2%
Roanne Pty Ltd
1,102,400A$1.5m0%no data
0.17%
Walter Scott & Partners Limited
945,700A$1.3m0%no data
0.1%
Charles Schwab Investment Management, Inc.
542,014A$720.9k1.93%no data
0.076%
Teachers Insurance and Annuity Association-College Retirement Equities Fund
413,137A$549.5k-69.29%no data
0.07%
AXA Investment Managers S.A.
378,714A$503.7k0%no data
0.069%
Jupiter Fund Management Plc
374,907A$498.6k270.47%no data

Company Information

Accent Group Limited's employee growth, exchange listings and data sources


Key Information

  • Name: Accent Group Limited
  • Ticker: AX1
  • Exchange: ASX
  • Founded: 1981
  • Industry: Apparel Retail
  • Sector: Retail
  • Implied Market Cap: AU$685.461m
  • Shares outstanding: 541.87m
  • Website: https://www.accentgr.com.au

Number of Employees


Location

  • Accent Group Limited
  • 2/64 Balmain Street
  • Richmond
  • Victoria
  • 3121
  • Australia


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
AX1ASX (Australian Securities Exchange)YesOrdinary SharesAUAUDJul 2004
AX1CHIA (Chi-X Australia)YesOrdinary SharesAUAUDJul 2004
RJDDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJul 2004

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/29 00:00
End of Day Share Price2022/09/29 00:00
Earnings2022/06/26
Annual Earnings2022/06/26


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.