2025-06-10-花旗集团-超级零售集团有限公司（SUL）_超级零售集团有限公司（SUL.AX）_禁售前会议的关键要点_11页_317kb

Super Retail Group (SUL.AX) Research Summary

Key Takeaways

• CITI Rating: Maintain Buy.
• Valuation: Current price $14.08, 12M target $16.50 (+17.2%), expected dividend yield 8.4%, total return 25.6%.
• Auto Retail:
  • Competitive but manageable impact from Bunnings (differentiated service & pricing).
  • Sports Direct entry is more significant but difficult to execute in center space.
  • Anti-theft measures improving in Rebel stores.
• Rebel Apparel: Competitive positioning relatively stable vs. Sports Direct.
• Valuation Drivers: Pe ($15.65), DCF ($13.48), Sum-of-parts ($18.67), EV/EBIT 10.7x FY26.
• Risks Uplifts:
  • High profit margin expansion possible via brands + productivity.
  • Faster retail growth, industry exits (discounters pulling hard goods).
• Downside Risks:
  • Retail spending slowdown, increased competition, AUD/USD rises, wage/rental costs, new entrants.

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