Myer Holdings Ltd

MYR: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$4.46	Vsnr	Xsfwvyxcd

Myer’s Sales Figures the Best Its Seen in Over a Decade, but We Remain Cautious Over the Near Term

Johannes Faul

Sep 15, 2022

We maintain our AUD 0.70 per-share fair value estimate for no-moat Myer. The department store’s result for fiscal 2022 was at the top of the narrow guidance range provided in July 2022 and in line with our estimate. Adjusted net profit after tax of AUD 47 million tripled against fiscal 2021. We treat rent waivers that Myer received from landlords in relation to temporary store closures as one-offs.

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