Ann: FY21 Investor Presentation, page-2

Very little interest in PMV on the forums. (Must be the dividend yield?

Results today were very solid,

• shown it's resilience throughout the pandemic,
• executed on both LFL sales growth as well are margin improvement (EBIT margin up 9%) - so 18.7% retail sales growth = EBIT up 90%
• online sales grown to 20% of group total, helping to mitigate the impact of lockdowns, and delivering margin improvement
• further to above, sales have fallen only 9% in start of FY22, despite 56% of stores closed during August!
• identified the opportunity in Breville (4x return on investment), represents 25% of the PMV market cap.G

Stripping out investments in BRG, and MYR (collectively $1.25Bn), and the net cash $530M, and the group properties in Melbourne (not sure on valuation here - estimate $100M). The underlying EV of Premier Retail is closer to $2.5Bn. And delivers $350M of EBIT in FY21.
May not be as sexy as afterpay or the next Fintech darling, but that is a good valuation for me.

Though I am not sure how sustainable the $350M EBIT is, given the general upbeat year for retail, as well as the various gov't/landlord supports, I wouldn't straightline that out into the future just yet. But going back a decade on PMV's track record (which they show for their brands, easy to see that this is a business that was successful for a decade before the pandemic - not just a 'favour of the month' stock.

Given that net cash grown to $530M, would like to see a capital return (~$300M, could be a split of div/buybacks, though I would argue buybacks make more sense while the company is on EV/EBIT of ~8x.
Re: the property valuation - couldnt find this on the 2020 annual, but would like the company to consider some updated valuation from CBRE etc, given how hot commercial property is running (particularly for the DC)