Roger Montgomery's valuation would be based on consensus forecasts before DJ came out with their profit downgrade.
If Myer has a profit downgrade in 1st half 2012 (remember Myers guidance is only for year end 2011, DJ has provided 1st half downwards guidance as well), then its intrinsic value will drop.
ie Myer only has an intrinsic value of $2.39 (as per Roger Montgomery) so long as its 2012 holds to analysts profit expectations from several months ago.
This seems highly unlikely, its much more likely that 2012 consensus earnings will decline, and so will Rogers intrinsic value.
Remember rogers valuations are static, ie they represent a specific point in time, they dont attempt to look through any profit cycles.
MYR Price at posting:
$2.39 Sentiment: None Disclosure: Held
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