MyDeal.com.au's first half result was largely pre-released, with all key line items growing by greater than 200% year-on-year, details Morgans. The company noted that January has seen a strong start to the second half, with gross transaction revenue (GTV) up 190% yoy.
The broker understands the second half will include continued investment in marketing, growth in private label and the roll-out of iOS/Android apps. The latter two are expected to boost GTV/Revenue growth, conversion/repeat order rates and brand awareness.
The Add rating and $1.70 target are unchanged at this stage.
Sector: Retailing.
Target price is $1.70.Current Price is $1.18. Difference: $0.52 - (brackets indicate current price is over target). If MYD meets the Morgans target it will return approximately 31% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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