Citi sees Australia's Premier Investments' H1 results to match forecast

Myer Holdings

19/03/2024 22:02

** Analysts at Citi expect Australia's Premier Investments
 PMV.AX  to report first-half results in line with the prior
forecast, with margins likely to be impacted by muted
discounting, among others
    ** Expects the fashion retailer to announce an interim
dividend of 61 au cents per share
    ** Premier is set to announce interim results on March 26
    ** Brokerage sees PMV, which currently owns 29% of Myer
Holdings  MYR.AX , likely to take control at some point with an
estimate of at least A$25 mln ($16.33 mln) in potential
synergies 
    ** Expects Premier to provide an update on its strategic
review, with potential outcome including a demerger of Peter
Alexander and Smiggle from the mature brands
    ** Citi hypothetically values Peter Alexander and Smiggle at
around A$3 bln
    ** Six of 12 analysts rate the stock "buy" or higher, three
"hold" and three "sell" or lower; their median PT is A$28.63 ––
LSEG data
    ** Stock has risen 8.4% this year, as of last close


($1 = 1.5309 Australian dollars)

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))