Macquarie slashes PT on Australia's Premier Investments; shares drop

Myer Holdings

13/03/2025 24:02

Updates with share moves

** Analysts at Macquarie slash PT on Australia's Premier Investments PMV.AX by 25.5% to A$21.61; maintain "neutral" rating on stock

** Shares in PMV drop 1.1% to A$21.08

** Macquarie lowers PT, driven by removal of company's apparel brands and stake in Myer Holdings MYR.AX

** Myer is currently in a transaction, which will see the department store owner buying PMV's apparel brands business for around A$863.8 mln ($546.09 mln)

** Brokerage, owing to the removal of apparel brands, lowers earnings estimates on PMV by 12.3%, 24.3% and 25.6% over the next three years

** Brokerage continues to expect PMV's customers to be impacted by cost of living pressures, affecting sales growth

** Remains cautious on the stock under the current operating environment

** Stock down 12.5% YTD

($1 = 1.5818 Australian dollars)

 (Reporting by Rishav Chatterjee in Bengaluru)

 ((Rishav.Chatterjee@thomsonreuters.com;))