The Point for Australia/NZ

Research evidence excerpt

The Point for Australia/NZ

Point |

Tuesday, 16 June 2026

Company | Industry | Global | Key Rating and Target Price Changes

Company

Accent Group Ltd (AX1.AX) - Frasers tries to buy AX1 at 7x PE

We consider Frasers’ bid to acquire all the shares of Accent to be highly

opportunistic given i) there is no control premium being paid, ii) we consider it to

be a trough multiple (6.9x FY27e PE) in the trough of the cycle. However, in our

view this offer will create a floor under the share price at $0.65 (which we set as

our new target price).

Sam Teeger

Accent Group Ltd (AX1.AX) - Thoughts on some of Frasers' statements

Following our first impressions of Frasers' offer to acquire Accent, in this report we

provide our thoughts around some of Frasers' statements in its letter to Accent

shareholders in relation to Accent's i) board composition/criticism of the

chairman, ii) cost structure and iii) dividend. Further, from our perspective, in order

for the Sports Direct rollout in Australia to be successful, we think Accent and

Frasers would need to have a positive and constructive working relationship and

based on this letter, unfortunately it seems like this may not be the case.

ARB Corp Ltd (ARB.AX) - Expo feedback

Yesterday we attended a major 4x4 expo to see what we could learn relevant

for ARB and AOV. Three key takeaways:

Atlas Arteria Group (ALX.AX) - IFM raises bid price to best and final $5.10 per

security, may buy on market

In the seventh supplementary bidders statement released today, IFM has raised its

bid price for ALX to "best and final" $5.10 per security, which is higher than the

previous bid price of $4.75, but in line with the prior offer price when IFM will get to

45% stake. We note that IFM is bound by ASIC and cannot further change this bid