On almost every measure of activity, MYD achieved positive growth in FY22. Gross sales more than doubled. The number of active customers rose by 83%. There were more repeat visits. Customers transacted more often. Operating expenses increased too and, as a result, there was a $4m EBITDA loss, in line with our forecast. MYD had $42.7m of cash and is well able to absorb such an investment. We think there’s a lot of opportunity for MYD to drive its advantage further in FY22. With a broader range of private label products, a recently launched mobile app and the introduction of a number of well-recognised brands to attract people to the site, we expect topline growth to continue strongly in the year ahead. With this note, coverage of MYD transfers to Alexander Mees.
Equity Analysis /
Australia