I value Myer at about double its current shareprice, $1.30c plus
Solly Lew would also value Myer at least $1.30 or else he wouldnt have payed $1.15 for 10% after the dividend ex date.
The sales are down 2 or 3 % FFS, you are not talking about say a drop in the Iron ore Price of 20% that in turn hits net revenue by 50%.
Sales are down 2 or 3 % and as stated in the report there is an extra weekend of pre- Christmas trading this season.
The net profit for the year should still be around 60 million or better with the Market Cap 600 million currently.
So all the fear and selling is dumping a Company with 10% plus of net profit, with massive scope for a turnaround with some tweaks to the Storefront and concept and stock lines.
MYR Price at posting:
65.5¢ Sentiment: Buy Disclosure: Held
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