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Myer Holdings Ltd MYR

Rating as of

Morningstar’s Analysis

Valuation
Currency in AUD
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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Myer’s Fiscal 2022 Shaping up as Another Volatile Year, but Myer Has the Cash to See It Through.

Analyst Note

| Johannes Faul, CFA |

No-moat Myer’s fiscal 2021 earnings were largely a forgone conclusion. The company released its sales figures and provided a tight guidance range for earnings after it closed its books in early August 2021. While underlying NPAT was slightly above the top end of management’s guidance, we weren’t materially surprised by any of the business’ key performance metrics. We maintain our investment thesis and AUD 0.65 fair value estimate.

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Company Profile

Business Description

Myer is Australia's largest department store operator, with some 60 stores that are mostly spread across eastern states. Stores are generally located in areas of high foot traffic in major metropolitan shopping centres. Competitive advantages include a well-established brand and scale benefits from a relatively large revenue base. The brand is somewhat iconic among Australian domestic consumers. The group's loyalty programme has more than 5 million members.

Contact
800 Collins Street, Level 7
Docklands, VIC, 3008, Australia
T +61 386676800
Sector Consumer Cyclical
Industry Department Stores
Most Recent Earnings
Fiscal Year End Jul 31, 2022
Stock Type
Employees