Agreed I think they will have a bit of a tough couple of years. Offsetting the lower AUD and soft economy though will be the dropping out of a lot of smaller specialty retail stores that don't have the capital or cash flow to survive.
A lot of the tough times are priced in already imo. If they have the same price in 5 years but have yielded 7-8% in dividends that won't be too bad.
Bit of a wish list but Woolworths (SA) acquired DJs at a nice premium (therefore not a huge return on investment, and acquired with debt), and are now expanding further into food in Australia. Is it possible they will go too far, take on too much debt and too much complexity, and end up struggling? Couple of years away but I see that as a possibility.
MYR Price at posting:
$1.31 Sentiment: Buy Disclosure: Held
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