Summary
The fund managers believe that Temple & Webster Group Ltd. is well-positioned for growth in the online home furnishings market. In their opinion, the company's strong brand recognition and expanding product range will drive customer loyalty and increase market share. They highlight the importance of ongoing investment in technology to enhance the customer experience and streamline operations. Furthermore, the fund managers emphasize that robust financial performance and a solid balance sheet provide a strong foundation for future expansion. They express confidence in the company's ability to navigate potential market challenges, citing effective supply chain management as a critical factor. Overall, the fund managers maintain a positive outlook on Temple & Webster, suggesting that it represents a compelling investment opportunity for those seeking exposure to the growing e-commerce sector.
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Source: Trading View
Commentary From The Managers
Bennelong Australian Equity Partners
8 Sept 2025
$22.51
Summary
- Temple & Webster retains a position in the portfolio.
- Bennelong Australian Equity Partners admires the company’s ability to grow 20 to 30 percent on the top line even when the broader furniture market was flat to declining.
- Looking forward, the company has good leverage to an improving backdrop for housing.
- It boasts incredible management and very clean financials.
- The company has over $140 million of cash on the balance sheet.
- Bennelong Australian Equity Partners sees a sensible growth strategy in place.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
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Commentary From The Managers
Bennelong Australian Equity Partners
8 Sept 2025
$22.51
- Temple & Webster retains a position in the portfolio.
- Bennelong Australian Equity Partners admires the company’s ability to grow 20 to 30 percent on the top line even when the broader furniture market was flat to declining.
- Looking forward, the company has good leverage to an improving backdrop for housing.
- It boasts incredible management and very clean financials.
- The company has over $140 million of cash on the balance sheet.
- Bennelong Australian Equity Partners sees a sensible growth strategy in place.
Summary
Eley Griffiths Group
22 Aug 2025
$23.45
- Eley Griffiths Group has been trimming their position in Temple & Webster (ASX: TPW) recently.
- The stock has been rerating due to an improving consumer backdrop.
- Investors are increasingly seeking quality, structural growth names.
- Despite the trimming, Eley Griffiths Group remains a long-term believer in management.
- The goal is for Temple & Webster to become the largest furniture & homewares retailer.
- Eley Griffiths Group has held the stock since April 2019.
- Since its ASX 200 inclusion, they are looking to allocate capital to the next opportunity.
Summary
Wilson Asset Management
31 July 2025
$24.47
- Temple & Webster Group operates Australia’s leading online homewares and furniture platform.
- Recent share price appreciation was driven by rising online retail confidence.
- Improved consumer discretionary spending contributed to positive market sentiment.
- Supply logistics normalization has enhanced operational efficiency.
- The company benefits from a dropshipping e-commerce business model, capitalizing on structural growth in online sales.
- Easing supply chain constraints have further supported growth.
- Stability in disposable income is expected to bolster discretionary retail spending.
- Potential benefits from interest rate cuts and recovery in the housing market.
Summary
Bennelong Australian Equity Partners
24 July 2025
$22.57
- Temple & Webster was a key contributor with shares more than doubling in value over the past 12 months.
- Bennelong Australian Equity Partners continues to hold due to the retailer’s ability to grow at 20 to 30 percent in a flat furniture market.
- The company is gaining share from struggling competitors.
- Bennelong Australian Equity Partners believes the business is well positioned for rate cuts and the eventual recovery in the housing market.
- Its $130 million net cash position could potentially support acquisitions.
Summary
Flagship Investments
31 Mar 2025
$16.54
- Flagship Investments initiated a position in Temple & Webster (TPW) due to its strong growth potential.
- The fund manager identified multiple factors contributing to TPW's future success.
- Temple & Webster operates in a growing online retail market, particularly in home furnishings.
- Flagship Investments sees opportunities in TPW's innovative approach to customer engagement.
- The fund manager believes in TPW's ability to expand its market share effectively.
- Flagship Investments recognizes the company's strong brand reputation and customer loyalty.
- The fund manager is optimistic about TPW's strategic initiatives and operational efficiencies.
Summary
Blackwattle Investment Partners
28 Feb 2025
$17.23
- Temple & Webster is Australia’s leading online furniture and homewares retailer.
- Shares rose 20.0% in February after achieving a 1H25 result that beat analysts’ expectations.
- Revenue growth was roughly in-line, but the company delivered a surprise EBITDA margin of 4.2% above the full year guidance of 1-3%.
- This margin will help fund marketing efforts in 2H to continue compounding sales growth and market share gains.
- The result included record sales, active and repeat customers, and conversion rates.
- Temple & Webster remains on track to achieve its medium target of $1bn in revenue.
- However, the valuation is now stretched after a +60% rally in 3 months.
- Blackwattle Investment Partners has taken the opportunity to lock in some profits.
Summary
Ten Cap
28 Feb 2025
$17.23
- Temple and Webster (TPW) delivered a standout result.
- Demonstrated strong operating leverage with significant top line growth.
- Ten Cap continues to like the business model.
- Utilised the strong performance post result to trim their position.
- Capital has been deployed into new ideas.
Summary
Ausbil
28 Feb 2025
$17.23
- Centennial Asset Management believes Zip has the potential to rally in the short term.
- Zip is well positioned to deliver further strong growth in revenues and profitability.
- The US buy now, pay later market remains relatively immature, allowing Zip’s US footprint to grow rapidly.
- New product launches are expected to contribute to the company’s transaction volumes and earnings growth in the coming year.
- Zip’s balance sheet strength and ongoing buyback are expected to support share price performance.
- Zip has surprised the market with better-than-expected earnings over the past year.
- The company has upgraded expectations post the most recent quarter, indicating potential for additional upside earnings risk.
Summary
Hyperion Asset Management
28 Feb 2025
$17.23
- Temple and Webster (TPW) reported a strong 1H25 result, exceeding expectations, particularly in net profit after tax, which rose by 117.9% to A$9.0m.
- This performance was driven by operating leverage from strong revenue growth and a significant decline in customer service costs, reduced by more than half due to artificial intelligence utilization.
- As a result, both the delivered margin and contribution margin expanded by 0.6% and 1.1%, respectively.
- Revenue increased by 23.6% to A$313.7m, with market share growing to 2.9% thanks to a 21.5% increase in active customers to 1.185m.
- Revenue per active customer rose by 2.2% to A$470.
- Trade & Commercial (B2B) revenue increased 10% to A$24m, although growth is slightly slowing due to macro headwinds affecting the industry.
- Home Improvement segment performed well, with revenue increasing by 41% to A$20m, driven by an expansion of the company’s private label offerings.
- Hyperion Asset Management continues to hold Temple & Webster, as management plans to increase brand marketing investments in the second half of 2025.
Summary
Elston Asset Management
30 Sept 2024
$13.27
- Temple & Webster (TPW) was founded in 2011, named after two convicts known for their craftsmanship.
- TPW is Australia’s number 1 online-only retailer of furniture and homewares, offering over 200,000 products.
- Product categories include Furniture and Homewares and Home Improvement.
- Management emphasizes a strong value proposition with exclusive products (43% of sales), convenience, and timely delivery.
- TPW operates a drop ship model, reducing inventory risk and improving working capital.
- The broader furniture market is valued at $18.6bn, with online transactions growing at 20% per annum.
- Target demographics are Millennials and Generation Z, who are more comfortable with online shopping.
- TPW has over 1 million active customers and is steadily increasing market share.
- Revenue growth of +26% in FY24, outperforming a contracting industry.
- Management aims for revenue of $1bn by FY26 to FY28, with reduced fixed costs and improved EBITDA margins.
- Repeat customers accounted for 57% of all orders in FY24, indicating a strong value proposition.
- Utilization of AI technology resulted in significant cost savings and improved customer interactions.
- TPW has $116 million in cash, allowing for funding of organic growth and potential acquisitions.
- TPW benefits from a fragmented market and several competitive advantages, enhancing customer experience.
- Elston continues to hold TPW, viewing it as a high-quality business with strong growth potential.
- Investment risks include loss of repeat customers and suppliers, impacting growth and product quality.
- TPW is a larger position in Elston's portfolio, expected to deliver strong capital returns over a 5-year horizon.
Summary
Ausbil
30 June 2024
$9.52
- Ausbil continues to hold its position in Temple & Webster Group Ltd (TPW) despite a -28.4% decline over the quarter.
- The Fund had already materially reduced its position earlier in the year, making the fall a relatively smaller detractor for the period.
- TPW has demonstrated top-line sales momentum driven by a value-orientated proposition and competitive pricing.
- Sales performance has outperformed the broader furniture and home market, even in a challenging discretionary environment.
- Recent trading updates indicated a slowdown in sales activity since February.
- EBITDA margins have moderated, falling to the middle of the guidance range.
Summary
Monash Investors
30 June 2024
$9.52
- Monash Investors sold their investment in Temple and Webster due to emerging consumer weakness.
- Temple and Webster is Australia’s largest online furniture retailer.
- The company is growing its market share by consistently delivering sales growth above competitors like Nick Scali and Harvey Norman.
- Exiting the position in late April limited losses to -13% for the quarter.
- Remaining invested would have resulted in a loss of -28% for the quarter.
Summary
Ausbil
28 Feb 2024
$12.53
- Temple & Webster (TPW) returned +39.1% over February
- Revenue in line with consensus, margins at the top-end of guidance
- Benefits from reduced freight costs and supplier funded discounting activity
- Flywheel effects of TPW’s scale becoming increasingly evident
- Increased marketing spend aimed at building brand salience
- Solidifying market leadership in online furniture and homewares sector
- Trading update points to buyout activity for 2H24
- Ausbil continues to hold because of these positive indicators
Summary
Monash Investors
30 Aug 2023
$6.84
- Monash Investors acknowledges Temple & Webster (ASX: TPW) as having strong structural growth potential.
- TPW is expected to continue double-digit growth in online furniture sales, capturing market share from traditional retailers.
- Valuations for TPW are above 60%, indicating strong upside potential.
- Concerns over discretionary spending due to the cost of living crisis prompted Monash Investors to sell their position in early July.
- Short-term decision proved unfavorable as TPW’s share price rallied post-sale.
- Despite bearish macroeconomic indicators in Australia, retailers generally showed better than expected sales results in August.
- TPW reported 16% growth for the 6 weeks after June 30, outperforming market expectations.
- Strong employment and high immigration contribute to supportive consumer spending conditions.
- Retailers have been able to raise prices to counteract increasing costs, positively affecting overall sales revenue.
- TPW remains aligned with pre-sale expectations but faced a 5% share price decline due to increased marketing expenditure.
- With a clearer sales outlook and continued structural growth, Monash Investors has re-established their holdings in TPW.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Frequently Asked Questions
Who has invested in Temple & Webster Group Ltd (ASX:TPW)?
Fund managers including Ten Cap, Blackwattle Investment Partners, Monash Investors, Ausbil, Elston Asset Management, Bennelong Australian Equity Partners, Hyperion Asset Management, Wilson Asset Management, Flagship Investments and Eley Griffiths Group have invested in Temple & Webster Group Ltd (ASX:TPW).
Why have investment managers invested in Temple & Webster Group Ltd (ASX:TPW)?
Fund managers are investing in Temple & Webster Group Ltd (TPW) due to its strong performance and market position as Australia's leading online furniture and homewares retailer. The company has demonstrated impressive revenue growth, achieving a 23% year-over-year increase and exceeding analyst expectations with a surprising EBITDA margin of 4.2%. This operational leverage, coupled with a growing customer base and record sales, positions TPW favorably in a competitive market. Fund managers appreciate TPW's innovative dropshipping model, which minimizes inventory risk and enhances customer experience. Moreover, the company's strategic focus on marketing and brand development is expected to drive further growth, particularly as consumer confidence improves and discretionary spending stabilizes. With a solid cash position and a commitment to long-term growth targets, TPW is seen as a resilient investment amidst a recovering retail landscape.
What happened to Temple & Webster Group Ltd (ASX:TPW)?
In recent months, fund managers have expressed positive sentiments regarding Temple & Webster Group Ltd, particularly in light of its strong performance in the online homewares and furniture market. In July 2025, Wilson Asset Management noted that the company's share price, around $24.47, benefited from rising online retail confidence and improved consumer spending, supported by easing supply chain issues. Bennelong Australian Equity Partners, in September 2025, highlighted the company's impressive growth of 20 to 30 percent despite a flat broader market, praising its robust management and financial health, with over $140 million in cash. Meanwhile, Eley Griffiths Group mentioned trimming their position at a share price of $23.45, acknowledging the stock's rerating due to an improving consumer backdrop, while maintaining long-term confidence in the company's growth strategy.