Step One Clothing Limited · ASX:STP
Step One Clothing — Fact Sheet (August 2024)
12 slides from Step One Clothing's fact sheet, Aug 20, 2024
Slide 1: At a Glance (at 20 August 2024)
AT A GLANCE (AT 20 AUGUST 2024) Listed on the ASX: 2021 - STP Industry Sector: Retail (online) Fiscal year end: June 30 Ultra Soft Waistband Market cap: $333m, $1.80 per share 3D Elastic Pouch 18x EBITDA Valuation multiple: (based on FY24 EBITDA) Securities Issued: 185,340,291 Super soft Founder hol
Slide 2: A Brief History of Step One
A BRIEF HISTORY OF STEP ONE Founder-led business with highly scalable model & strong track record of growth IPO 4
Slide 3: Business Model
BUSINESS MODEL Step One is online, DTC company that is capital light, scalable operations and strong ESG credentials • Head office in Australia with only 20 employees GLOBAL COMPANY • Subsidiaries in UK and US which hold inventory locally (in scalable 3PLs) Local operations • Staff in other countrie
Slide 4: Global Company with Local Distribution
GLOBAL COMPANY WITH LOCAL DISTRIBUTION Local warehousing and fulfilment for prompt customer delivery • Product is warehoused in each country with 3PLs in Australia East Coast, UK East Coast & USA West Coast • 3PLs manage all inventory & logistics in each country o Receive product from the port of en
Slide 5: Strategy
STRATEGY Step One is pursuing profitable growth along 4 vectors PRODUCTS PARTNERSHIPS INDIRECT COUNTRIES CHANNELS Expand the underwear Recruit new customers Continue the global range and adjacent using Partnerships with expansion Increase revenue by products bespoke prints and selling on established
Slide 6: Investment Hypothesis
INVESTMENT HYPOTHESIS Topic PRODUCT COUNTRIES SUSTAINABILITY MARKETPLACE CHANNEL MEMBERSHIP SPONSORSHIP EXPANSION EXPANSION EXPANSION ORGANISATIONS Achieved Women’s line AU, UK, US End-to-End Amazon John Lewis SLSA Sail GP Certification Opportunity More More countries Reduce More More channels Partn
Slide 7: What Makes Step One Financially Attractive
WHAT MAKES STEP ONE FINANCIALLY ATTRACTIVE Balance sheet Well funded and capital light Income Statement Strong margins and scalable ASSETS LIABILITIES REVENUE COSTS $63.5M $11.3M $84.5M $72.1M Including: Including: Including: Including: $39.0M Cash & TDs $9.0M Supplier payables $79.9M Direct $16.2M
Slide 8: What Makes Step One Sustainable and Ethical
WHAT MAKES STEP ONE SUSTAINABLE AND ETHICAL ESG is much more than climate change, but we are on top of that as well. ENVIRONMENT SOCIAL GOVERNANCE Refer to the 2024 Annual Report for details but look out for: FSC® Chain of Custody 1. We ensure the highest environmental and social practices throughou
Slide 9: FY24 Growth Metrics
FY24 GROWTH METRICS REVENUE GROSS MARGIN EBITDA 2 % of Revenue FY24 $84.5m Up 29.7% on pcp FY24 80.8% Up 0.1 percentage points FY24 $18.1m Up 50.8% on pcp 21.4% 1H24 $45.1m Up 25.5% on pcp 1H24 81.2% Up 0.5 percentage points 1H24 $10.1m Up 35.6% on pcp 22.5% 2H24 $39.4m Up 34.8% on pcp 2H24 80.4% Up
Slide 10: Growth Opportunity
GROWTH Growing 140% 4-year Revenue CAGR AU 124% Growth aspirations supported by a large market size, customer OPPORTUNITY UK 228% support for existing range and expected large demand for new US - products. Scalable GM% 80-81% Advertising, manufacturing and (2-year range) Advertising 31-39% distribut
Slide 11: Financial Performance Charts
FINANCIAL PERFORMANCE CHARTS Average Order Value Customer Mix Conversion Rate Customer Database Direct Business Direct Business Direct Business Growth $/order #’000 $96 $89 $76 312 60% 63% 63% 257 5.2% 1,670 4.8% 1,358 1,101 40% 37% 37% 4.4% FY22 FY23 FY24 FY22 FY23 FY24 FY22 FY23 FY24 FY22 FY23 FY2
Slide 12: 5-Year Income Statement
5-YEAR INCOME STATEMENT Proforma financial information has been prepared for comparative analysis. Details of adjustments are available in the investor presentations 14