调整忠诚度计划

FY24AFY25E3,8834,0377397334003791.0%(13.4%)241221105.996.9(11.7%)(8.5%)119.0109.58.6%7.9%13.1x14.3x5.4x5.5x FY26EFY27E4,1864,325737785375415(6.4%)9.3%21624394.8106.7(2.1%)12.5%104.5114.07.5%8.2%14.7x13.0x5.5x5.1x Michael Simotas * | Equity Analyst61 2 9364 2994 | msimotas@jefferies.comJohn Campbell * | Equity Analyst+61 439052387 | jcampbell1@jefferies.comNaveed Fazal Bawa * | Equity Associate+61 293642995 | nfbawa@jefferies.com Company DescriptionSULSuper Retail Group Limited operates as a retailer of auto, sports, and outdoor leisure in Australia and New Zealand. The company offers automotiveparts and accessories, handyman items, and tools and equipment to marine and motorbike products, including batteries; car care products,exterior accessories; hand and power tools; in-car navigation systems; in-car stereo equipment; lighting and electrical products; oils, filters, andadditives; outdoor equipment and accessories; seat covers and interior accessories; spare parts; paints and panels; and performance products. Italso provides footwear, fitness and sports equipment, apparel, and related accessories for casual enthusiasts and serious competitors; boating,camping, and fishing products, such as lures, rods, and reels, tackle boxes, fishing nets, tents, ropes, pegs, cooking equipment, and clothing andhiking gear, as well as boating accessories comprising fishing rod holders, bilge pumps, fishfinders, and others. In addition, the company offersapparel and equipment for mountain climbers, campers, hikers, and others and products for travel, touring, outdoors, garages, and sheds. It sellsits products under the BCF, Macpac, Rebel, and Supercheap Auto brands. The company also offers its products online. As of June 27, 2020, itoperated 281 Supercheap Auto stores in Australia and 45 Supercheap Auto stores in New Zealand, 160 Rebel stores, 139 BCF stores, and 72Macpac stores. The company was formerly known as Super Cheap Auto Group Limited and changed its name to Super Retail Group Limited in2010. Super Retail Group Limited was founded in 1972 and is based in Strathpine, Australia.Company Valuation/RisksSULOur primary valuation methodology is a DCF model, which we believe most appropriately captures through-the-cycle earnings. We useassumptions consistent with our broader Consumer coverage. Risks include consumer confidence, product cycles, and competition.Analyst Certification:I, Michael Simotas, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.I, John Campbell, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.I, Naveed Fazal Bawa, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendationsor views expressed in this research report.Registration of non-US analysts:Michael Simotas is employed by Jefferies (Australia) Pty Ltd, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.Registration of non-US analysts:John Campbell is employed by Jefferies (Australia) Pty Ltd, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.Registration of non-US analysts:Naveed Fazal Bawa is employed by Jefferies (Australia) Pty Ltd, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this r