Myer Holdings' offer for Premier Investments' unit opens up growth opportunities- Citi

Myer Holdings

24/06/2024 20:30

** Citi analysts say the proposed takeover offer from Myer
Holdings  MYR.AX  for Premier Investments'  PMV.AX  apparel
business allows for multiple sources of synergies
    ** Citi says the proposed offer aligns with interests of
both companies
    ** Brokerage says the takeover could allow Myer to focus on
unlocking domestic synergies and growth opportunities
    ** Adds takeover could allow PMV to focus on driving
international expansion in Peter Alexander and Smiggle brands
    ** PMV represents a unique opportunity for holders to
participate in growth and earnings upside from multiple sources
- Citi
    ** However, Citi takes more cautious stance for 2H24
earnings estimates
    ** Five of 11 analysts rate the stock "buy" or higher, four
"hold" and two "sell"; their median PT is A$31.60 - LSEG Data
    ** PMV up ~16% YTD as of last close, while MYR up 20.2% 
   

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))