Well with XRO being punished today post results being reported - here's some quick snapshots of 5 recently released updated broker reports in the past 24hrs:

Morgan Stanley (09/11 - so pre results): Overweight, Price Target $130

RBC: Outperform, PT $100

RBC View: 1H23 General Relief with Subscribers, Revenue Broadly in line. ARPU Beats Again Showing Solid Pricing Power. EBITDA Miss on Higher Spend - But Palatable as Reiterated FY23 Opex Spend As % Revenue. UK Better Than Feared. ANZ Strong. US and Rest of World Weaker Than Forecast. 

JP Morgan: PT $97

1H23 Result First Take - Mixed result with lower subs and higher costs offset by big lift in ARPU 

Key takeaways: 1H23 result highlighted soft subs growth offset by pricing. Total Subs of 3.5m was 1.6% below JPMe (3.55m), but Revenue of $658m was up 30% on pcp and 1% ahead of JPMe ($652m). This has been driven by strong ARPU growth +13% for the Group (+6% excl FX) reflecting XRO's more price driven strategy. Gross Profit of $573m was up 30% on pcp and in-line with JPMe, whilst EBITDA of $109m was up 11% on pcp and below JPMe ($134m), driven by higher-than-expected S&M and Product Dev costs. XRO has also announced CEO succession with Sukhinder Singh Cassidy to replace Steven Vamos effective 1 Feb 2023. Sukhinder comes with more of a technology background with prior experience at Google/StubHub/eBay.

• Key positives: 1) Recent prices rises are finally taking effect, with ANZ ARPU up 13% on pcp and Group ARPU up 13% on pcp (+6% excl FX), 2) ANZ subs growth was a beat to our estimates, highlighting the importance of this key market for XRO.
• Key negatives: 1) Subs growth outside of ANZ was below expectations, although this has been highlighted by management in recent briefings, 2) Cost growth was higher than expected, although this includes the resumption of physical Xerocon’s and continued investment in product in UK and NA. 

Goldman Sachs: Buy, PT $112

1H23 First take: ARPU drives stronger revenue vs. GSe; 2H Opex and CEO succession a key focus

Outlook: (1) Opex guidance to be at low end of 80-85% maintained (GSe 81%) despite being 84% in 1H23 (Xerocon costs were 2.6% of revenue) – although there is some uncertainty around how one-off opex items will be treated, full year opex of 80-82% (i.e low end of 80-85%) implies 2H opex of 76-80%, which would set the company up well for FY24 (GSe FY24 opex is 80.7%); (2) product design & development expense is expected to be slightly higher than FY22 (vs. flat prior) suggesting 80-81% opex ratio is unlikely; (3) 2H sub commentary for UK & NA to be in-line to ahead of 2H22 growth imply a stronger UK outcome (> 65k vs. GSe 56k) but a potentially softer NA ( > 31k vs. GSe +40k) 

UBS: Neutral, PT $80.40

1H23 result miss on subs, EBITDA due to continued reinvestment. Top line in line. ANZ continues to outperform despite market maturity, but weakness in Intl key concern. 

Overall, XRO's 1H23 result was a miss, with EBITDA missing UBSe by 12%, cons by 14% due to higher reinvestment. ANZ continues to outperform despite mature market penetration (beat on Revs by 2%, subs 1%). Intl markets key underperformer - UK, Nth America. In UK, net adds materially lower at +44k , vs UBSe +69k, cons +64k. Nth America net adds lower at +15k vs UBSe +31k, cons +32k. Commentary on subs in Intl in 2H also appears slightly softer - we await commentary on whether structural or timing issue. XRO announced appointment of new CEO, Sukhinder Singh Cassidy, starting 28 Nov. Steve Vamos, outgoing CEO, remains available to advise through to end of May-23. 

DISC: Not held in SM or RL