Myer Holdings Ltd

MYR: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$8.62	Wzcd	Qskpwwpm

Myer Earnings: Cyclical Slowdown Ahead After Strong Fiscal 2023

Johannes Faul

Sep 14, 2023

We maintain our AUD 0.75 per share fair value estimate for no-moat Myer. Sales of AUD 3.4 billion had already been earmarked in August 2023, and adjusted net income of AUD 71 million was in the middle of the guidance range, up 18% on last year and in line with our estimate. The board declared a final dividend of AUD 1 cent per share, bringing total fiscal 2023 dividends to AUD 9 cents, including AUD 4 cent interim and AUD 4 cent special dividend. At current prices, Myer screens as undervalued. We think the market is more concerned about the uncertain near-term trading outlook, given the recent earnings volatility.

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