Years ago when I worked for Myer in the days when it was Coles Myer we had a huge GP and shares in Coles Myer was returning a good dividend. Coles decided to sell Myer to Newbridge Capital. Senior store management went spruiking how the IPO price of $4.10 was an outstanding price. As a manager I performed my own due diligence and quickly realised the fair price was $2.00. Sure enough weeks after the IPO the price dropped to $1.97. I just watched with interest as it steadily dropped to what it is today.
MYR Price at posting:
71.8¢ Sentiment: None Disclosure: Not Held
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