Been watching this one for a bit. My broker recomended it to me at around 3.50 a share but I held off as I was worried about internet shopping, appalling service at Myer, their horrendous mark ups and the general world wide depression.
Now at about 2 bucks it's better value than 3.50 but I still think it's well over valued.
THe big kicker of course will be what happens to it's dividends which comes down to earnings. I think revenue may easily fall off another 30% from present levels as internet shopping, the continued 'GFC' and crappy service take their toll, and which may see profit cut in half to around 18 cents a share or so. This would of course hurt the dividend.
Seems it might be good value at around 1.25 should all this eventuate.
Of course if they can maintain earnings and pay the dividend of around 23 cents it is great value now.
Twinsen
MYR Price at posting:
$1.96 Sentiment: Sell Disclosure: Not Held
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