Went to Chad mid afternoon today (an awful desiccated soulless dump, IMHO) and dropped into Myer. Many people browsing & buying I thought. Plentiful interesting stock and the layout is an invitation to wander.
While the downrampers have been vigorously telling us the business is ruined and one step from collapse, the following is true:
Sales may be flat to slightly weak, but MYR turns a profit
It carries little debt
I expect it to pay a dividend (my est 1.5c) when profit is announced ~14 March.
Sol Lew wants to buy it
People with big mortgages may not be able to spend, but the young 'uns who are excluded from home ownership have plenty. If MYR can reposition to engage them, the sky is its oyster.
Ash
MYR Price at posting:
55.0¢ Sentiment: Buy Disclosure: Held
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