Myer Kicks Refinancing Can Down the Road; Strategy Light on Quantitative Goals; FVE Down to AUD 0.63
No-moat Myer’s costs of doing business surprised, materially increasing despite decreasing sales, causing underlying net profit after tax of AUD 32.5 million to miss our estimate of AUD 40.2 million. The refinancing of the company’s debt and associated debt covenants has been addressed, diminishing the likelihood of a dilutive equity raising for now. We were disappointed in the absence of tangible medium targets from John King, Myer’s new CEO. However, the strategic direction matches that of man...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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