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.