For Myer, the Proof Will be in the Christmas Pudding. FVE Unchanged at AUD 0.63.
We maintain our AUD 0.63 fair value estimate on no-moat-rated Myer, after management provided a quarterly trading update contrary to its original intentions not to. Allegations in the financial press, aimed at Myer’s financial performance, triggered the response from management. Our investment thesis stands: Myer’s sales remain flat long term, as the chain continues to lose market share to online players and specialty fashion stores. The department store sector, including Myer, gradually reduces...Myer Holdings is a department store group, with more than 60 stores across Australia. Co. also owns Australian womenswear designer brand, sass & bide.
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