Myer Holdings Ltd

MYR: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$2.25	Vdynm	Kvdlylfc

Myer: Improving Retail Trading Conditions, but Fashion Sales Likely Challenged

Johannes Faul

Aug 8, 2024

No-moat Myer provided sales and earnings guidance for fiscal 2024. We maintain our fiscal 2024 earnings estimate, the midpoint of management's AUD 50 million-AUD 54 million guidance. Comparable sales growth improved slightly in the second half compared with the first half. However, two store closures are dragging on total sales, which are down 3% in fiscal 2024 compared with the previous corresponding period. Sales and net profit margins broadly align with our forecasts, leaving our fair value estimate unchanged at AUD 0.75. Shares currently screen as fairly valued.

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