AUS
NZ
UK
CA
USA
IND
Highlights
- Cettire is an online retailer offering vast range of in-demand luxury goods
- In 1HFY24, the company recorded 89.79% YoY rise in gross revenue to AUD 460.53 million
- Mintz (Dean) has the maximum stake in the company with a shareholding of ~29.98%
Cettire Limited (ASX:CTT) is an Australia-based online retailer offering vast range of in-demand luxury goods. The company offers access to over 2,500 luxury brands and 500,000 products including shoes, clothing, bags, accessories and so on.
In the first half of the financial year 2024 (1HFY24), gross revenue of CTT jumped 89.79% YoY to AUD 460.53 million, adjusted EBITDA went up by 56.29% YoY to AUD 26.10 million and adjusted NPAT rose by 52.83% YoY to AUD 16.41 million. Adjusted EBITDA was driven by its localisation initiatives.
Top 10 shareholders of CTT
The top 10 shareholders of CTT have around 67.53% ownership in the company. Mintz (Dean) and Regal Partners Limited have maximum stake in the firm with holdings of ~29.98% and ~15.41%, respectively.
Recent business update
Through an ASX-update dated 18 July 2024, the company notified that State Street Corporation and its associated companies ceased to be a substantial holder in CTT as on 16 July 2024.
Additional metrics for FY24 were released by CTT on 17 July 2024 in response to a letter from the ASX dated 25 June 2024. In the update, the company mentioned that in FY24, it expects its gross revenue to reach AUD 975-980 million, representing growth of 81-82% over the previous corresponding period and average order value is expected to fall in the range of AUD 795-800, representing a rise of 6-7% over FY23.
Outlook
In FY24, CTT expects gross revenue of AUD 975-980 million, showing 81-82% of growth over FY23, while adjusted EBITDA of AUD 32-25 million is expected, representing growth of 24-36% over FY23.
In 4QFY24, the company continued to witness broad-based revenue growth, driving increased penetration and market share in the international online personal luxury goods market, the company expects to see substantial annual growth in gross revenue contribution from active customers and repeat customers.
The company highlighted that in the online global luxury market, operating environment has become significantly challenging due to increased promotional activity and softening demand trends, leading to margin contraction.
Share performance of CTT
CTT shares closed 1.10% higher at AUD 1.375 on 23 July 2024. In the last one year, CTT’s share price has declined by almost 55.65%, while in the last three months, it has fallen by 54.92%.
52-week high of CTT is AUD 4.90, recorded on 1 March 2024, and 52-week low is AUD 1.01, recorded on 26 June 2024.
CTT Daily Technical Chart, Source: EODHD/Others
Note 1: Past performance is neither an Indicator nor a guarantee of future performance.
Note 2: The reference date for all price data, and currency, is 23 July 2024. The reference data in this report has been partly sourced from EODHD/Others.
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