Ann: FY21 Results - Release and Presentation, page-91

Here's more of the text from this interesting 'AFR' article of three days ago:

(Ravenhall is in Melbourne's western suburbs, closer to Sunshine than Melton):

While there’s plenty of differences between private equity owned Saks, which sells designer clothes and handbags, and Australia’s Myer, it shows what could be possible.

If you apply the six-times revenue multiple to Myer’s annual online sales (worth about $540 million), you get a $3.2 billion value. Myer as a whole has $2 billion enterprise value, according to S&P Capital Markets Research data.

Like we said, the two are not directly comparable. Myer is behind where it counts in e-commerce - first class distribution centre, where it is still readying its national site in Ravenhall, Victoria - and is operating in a much smaller market.

But even if the sceptics even take a notch or two off Saks’ six-times multiple, you can still get a big number for Myer’s online arm either via a float or partial sale.

It’s all pie in the sky stuff for now. Myer’s had its bankers start thinking about it, but the retailer has plenty on its plate and structurally separating its online business is not on the near-term agenda. And structural separation isn’t the sort of deal that could be drawn up overnight.