I think the only analyst I have found wanted about $91m NPAT (11.2 cps). Seemed a bit optimistic to me with retail slowing down. Hence the market reaction. Note this is from the 6th June. From Fnarena.
BROKER
DATE
RATING
RECOMMENDATION
TARGET PRICE
% TO REACH TARGET
1
Ord Minnett
06/06/2023
3
Hold
$0.75
22.95%
2
COMMENTARYOrd Minnett expects improvements made in the underlying business performance of Myer by current CEO John King will remain after his departure in 2024.The broker observes the "customer-first" strategy introduced in 2018 was highly effective in turning around the department store and building a stronger online channel, offering more sought-after brands exclusive to Myer.While continuing to expect earnings will moderate in the near term as consumer spending slows, Ord Minnett believes the shares are slightly undervalued and retains a Hold rating. Target price is steady at $0.75.FORECASTOrd Minnett forecasts a full year FY23 dividend of 6.90 cents and EPS of 11.20 cents.Ord Minnett forecasts a full year FY24 dividend of 3.60 cents and EPS of 5.80 cents.
MYR Price at posting:
61.5¢ Sentiment: Buy Disclosure: Held
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