Analyst Note
| Johannes Faul, CFA |We maintain our AUD 6.20 fair value estimate for wide-moat Endeavour. The group’s recent investor days left us impressed by the breadth of its high-quality management team. The organic sales and earnings growth opportunities outlined across its private and exclusive labels, e-commerce, and hotels business support the solid underlying earnings compound annual growth rate of 6% that we expect over the next five years. We forecast a fully franked dividend yield of 3.5% in fiscal 2023 at our fair value estimate and AUD 0.22 DPS estimates.