MYER

Target $1.5, 60% sell, 40% hold, 0% buy

http://www.asx.com.au/asx/share-price-research/company/MYR

• 24/5/2017 Topshop topman – Ferrier Hodgson
• 19/5/2017 Investors Mutual 8.67->9.85%
• 18/5/2017 Goldman ceased
• 11/5/2017 Q3 FY2017 Sales
  • Q3 FY2017 Sales down 3.3%, down 2% on a comparable store basis
  • Myer continues to anticipate EBITDA growth to exceed sales growth in FT2017 and increased NPAT, (pre and post implementation costs) over FY2016
• 19/4/2017 UBS 6.94 -> 5.59%
• 29/3/2017 PPT cease
• 29/3/2017 Premier Investment 88,450,664; 10.77%
• 28/03/20179:50 AM Price sensitive announcement Response to Recent Share Trading: Nothing
• 28/03/2017 goldman 6.84->5.52%
• 23/03/20174:30 PM Price sensitive announcement Ceasing: Vinva Investment Management
• 16/03/2017 becoming: Vinva Investment Management41,265,137; 5.02%
• 16/03/2017Myer Half Year Results (1H2017) Release and Presentation
  • 
  • Customers have responded well to the launch of our new store at Warringah Mall with sales per square metre up 38 percent compared to FY2014 when the store last traded without centre disruption.
  • Depreciation and amortisation increased from $44.7 million to $47.0 million as a result of increased capex,
  • Net finance costs reduced by $3 million to $5.5 million as a result of lower net debt following the Entitlement Offer in September 2015.
  • FY2017 Outlook
    Sales in January and February were below expectations with January being the low point. Based on the expectation that those conditions do not return, Myer still anticipates EBITDA growth to exceed sales growth in FY2017 and increased NPAT (pre and post implementation costs) over FY2016.
  • 
  • 
• 18/11/2016 CEO Presentation to Shareholders
  •  Over 850 new or upgraded wanted brand destinations
  •  7.2% improvement in Net Promoter Score in Flagship and Premium stores driven by service investment
  •  74% growth in omni-channel sales with profit growing well ahead of sales
  •  Opened new Werribee store
  • ‘New Myer’ Warringah store now open
  • Sales up 2.9%*to $3,289.6 million, up 3.0%**on a comparable store basis
  • Comparable store sales in Flagship and Premium stores in Victoria and NSW increased by 5.6%
  • Operating gross profit margin 164 basis points lower reflecting strong concession sales and lower Myer Exclusive Brand sale
  • Statutory NPAT of $60.5 million (post implementation costs associated with New Myer of $8.8 million post tax)
  • Final dividend of 3.0 cents per share fully franked
  • EBITDA down by 7.6%
  • Q1 FY17 sales +0.6%, up 1.6% on a comparable stores basis; Sales per square metre increased by 6.0% in Q1 FY17 (rolling 12 month basis)
  • Expect EBITDA growth to exceed sales growth from FY2017 and a return to NPAT growth (pre and post implementation costs)
• 07/11/2016 Investors Mutual 6.24 -> 7.53%
• 02/11/2016 UBS 8.72 -> 7.51%
• 28/10/2016 UBS 7.38 -> 8.72%
• 20/10/2016 UBS 8.59 -> 7.38%
• 20/10/2016 DAVID WHITTLE bought 12,345 shares @$1.2/s
• 18/10/2016 Goldman Sachs 9.6 ->8.01%
• 17/10/2016 Annual Report to shareholders
  • File: Myer- ar 2016.pdf
    Cost of doing business (CODB) (1,068.1) (1,067.2) +0.1%
    Target Return on funds employed (ROFE) greater than 15% by 2020 ROFE 9.1%
    more than 60 stores across Australia.
    12,500 Myer team members
    2,500 in-store iPads
    eBay store with 20,000 products
    Announced decision to exit stores at Brookside, Orange and Wollongong in FY2017, and Logan in FY2018
    Announced space hand back at stores in Cairns, Blacktown and Castle Hill in FY2017
    Announced decision not to proceed with stores at Tuggerah, Coomera and Darwin
    Richard was Executive General Manager for Parcel and Express Services at Australia Post
    IAN CORNELL
    Ian was chairman and CEO of supermarket chain, Franklins, and earlier spent 22 years at Woolworths
    Richard Umbers 212,230 Nil 1,507,879

    
    [sales is ok, earning fell behind]

    Net finance costs reduced by $8.1 million to $14.6 million as a result of lower net debt following the Entitlement Offer in September 2015
    the full year dividend to 5.0 cents per share
    Cash capital expenditure was lower at $59 million compared to $63 million in FY2015
    Depreciation and amortisation (92.7) (89.7)
    Net Profit After Tax (NPAT) 69.3;  77.5
    Return on Total Funds Employed* 9.1% 10.7%
    Shares on Issue 821.3 million 585.7 million
    Basic EPS* 8.8 cents 13.2 cents Dividend per Share 5.0 cents 7.0 cents
    * Calculated on weighted average number of shares of 786.8 million (FY2015: 585.7 million) and based on NPAT pre implementation costs.
    Rupert Myer AO retired from the Board in November 2015
    Myer acquired a 25% interest in Austradia Pty Ltd, the Australian rights holder of the TOPSHOP TOPMAN brands
    The Entitlement Offer resulted in the issue of 234,661,660 new shares at $0.94 per share.
    Diluted earnings per share A5 7.7 5.1
    Net finance costs (14,541) (22,735)
    Revenue from sale of goods A2 2,640,154  2,654,351
    Profit for the period attributable to owners of Myer Holdings Limited 60,543  29,826
    Property, plant and equipment C1 445,379  469,006
    Intangible assets C2 904,171  916,108
    Trade and other payables B3 400,590  387,182
    Borrowings D3 147,273  441,179
    Total liabilities 760,133  1,023,532 Net assets 1,107,765  863,016
    Repayment of borrowings net of transaction costs (295,000) 17,927 Proceeds from the issue of shares, net of transaction costs 212,011  23 Dividends paid to equity holders of the parent F3 (16,426) (73,211)
    Payments for property, plant and equipment (40,479) (63,099)
    Depreciation, amortisation and write-off expense 92,758  89,743
    Fixtures and fittings $’000; 169,034
    Plant and equipment  223,300
    Goodwill  $’000; 376,631
    Brand names and trademarks  $’000;  426,267
    Total borrowings 147,273  441,179
    Depreciation and amortisation, including lease incentives and contributions 93,896  101,697
    

• 11/10/2016 Goldman 10.7%-> 9.6%
• 7/10/2016 Vinva become 5.23%
• 6/10/2016 UBS 7.57% -> 8.59%
• 29/9/2016 Goldman 11.94 -> 10.70%
• 19/9/2016 PPT 13.14% up to 14.31%
• Dividend; Distribution Amount 3c Ex Date Wednesday September 28, 2016
  Record Date Thursday September 29, 2016; Payment Date Thursday November 10
• 15/9/2016 FY2016; 53 weeks ended 30 July 2016
  • 2016 Dividend 5c (7c in 2015)
  • Net tangible assets per ordinary security $0.21;(-$0.12 in 2015)
  • FY2016 Net Profit After Tax (NPAT) of $69.3 million, excluding… [2% of sales]
  • Statutory FY2016 NPAT of $60.5 million (after implementation costs associated with New Myer of $8.8 million post tax)
  • Shares on Issue 821.3 million; (585.7 million)
    Basic EPS*8.8 cents; (13.2 cents)
  • ise approximately $221 million, at an offer price of $0.94
  • 
  • intangible assets 904,171m; total equity 1,107,765m; Borrowings 147,273M (441,179m py)
  • Net cash inflow from operating activities149,490m; (96,915m)
  • [From cash flow, management is trying to save money and payback borrowing]
  • [Depreciation is bigger than capital exp]
    Depre : 93,896; 101,697
    Payments for property, plant and equipment (40,479); (63,099)
• 24/8/2016 UBS 7.57%
• 23/8/2016 www.linkmarketservices.com.au
• 14/7/2016 Investors Mutual Ltd 5.08%=>6.42%
• 15/6/2016 PERPETUAL LIMITED 13.14%
• 14/6/2016 investors mutual becoming 5.08%
• 2/6/2016 Goldman Sach 9.76 to 11.94%
• 20/5/2016 exiting its stores located at Wollongong and Orange in New South Wales
• 13/5/2016 Robert Edward Thorn purchased $169,163.93
• 12/5/2016 Total Q3 FY2016 sales up 2.1% to $675.5 million, up 3.4% on a comparable store basis
  •Year to date(YTD) total sales up 1.9% to $2,470.3 million, up 3.3% on a comparable store basis
  •Q3 FY2016 sales per square metre up 5.1%, YTD sales per square metre up 4.4% compared to the prior corresponding period
• 2/5/2016 Goldman Sach 8.55% to 9.76%
• 26/4/2016 IOOF ceasing
• 22/4/2016 PERPETUAL LIMITED 10.65% to 11.82%
• 22/4/2016 IOOF Holdings 6.889% to 5.454%
• 15/4/2016 PERPETUAL LIMITED and subsidiaries 9.58% to 10.65%
• 17/3/2016 c2 per share; Ex Date 24/3; Record Date 29/3; Pay date 5/5;
• 17/3/2016 Half year reports
  sales up 1.8% to 1.794 B; Profit down (4%) to 59.67M; Dividend: 2c; net tangible assets per share: $0.25
  Diluted EPS: c7.8 (c10.5)
  Full year 2016 NPAT guidance range revised to between $66 million and $72 million, (previously $64 and $72 million), excluding implementation costs associated with New Myer
  Shares on Issue 821.3 million
  
• 15/3/2016 UBS Ceasing
• 11/3/2016 Myer store network update
  Closure of store in Brookside in Queensland.
• 10-8/3/2016; perpetual LTD (PPT) 120,276,849, 14.65% to 78,672,904, 9.58%
• 16/2/2016 IOOF Holdings Ordinary, from 44,406,846 (5.407% ) to 56,659,601 (6.899%)
• 27/1/2016 The Goldman Sachs Group, from 59,328,912(7.22%) to 70,258,003 (8.55%)
• 7/1/2016 RICHARD UMBERS, acquired 939,130 Performance Rights, now holding Direct: 1,507,879 Performance Rights; Indirect: 212,230 Fully paid ordinary shares
• Performance rights issued: CEO Offer: 939,130 Executive Offer: 3,895,861 Total: 4,834,991; total performance rights not quoted in ASX 7,388,159
• 5/1/2016 UBS becoming 5.28%
• 20/11/2015 CEO presentation to shareholders:
  130 million visits to Myer
  5 million members of MYER one
  12.5K team members
  66 stores, with 23 in CBD
  FY2015, sales +1.7% to $3,195 m
  NPAT(excluding…..) $77.5m
  Expect FY2006 NPAT $64 to $72 m (excluding….)
• 12/10/2015 Annual Report

  

  The FY2015 results include a number of Individually Significant Items totalling $61.7 million (pre tax) which have primarily arisen as a result of the strategic review.
  Myer expects NPAT for FY2016 to be in the range of $64 million to $72 million, excluding the impact of implementation costs associated with New Myer.
  Individually Significant Items in FY2016 are expected to be in the range of $35 million to $45 million (pre tax)
  Capital expenditure is expected to be in the range of $100 million to $120 million in FY2016.                    raise approximately $221 million, at an offer price of $0.94