Financials Myer Holdings Limited

Equities

MYR

AU000000MYR2

Department Stores

Market Closed - Australian S.E. Other stock markets 02:10:44 2024-04-26 am EDT			5-day change	1st Jan Change
0.735 ^AUD	-3.29%		+3.52%	+22.50%

Mar. 14	Myer Holdings Posts Lower Profit in H1 FY24; Shares Up 6%	MT
Mar. 13	Transcript : Myer Holdings Limited, H1 2024 Earnings Call, Mar 14, 2024

Valuation

Fiscal Period: July	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	443.3	168.1	393.1	386	533.3	611.1	-	-
Enterprise Value (EV) ¹	482	1,955	281.3	200.1	413.7	472.6	463.6	429.7
P/E ratio	18 x	-0.98 x	8.57 x	7.83 x	9.03 x	12.5 x	12.1 x	12 x
Yield	-	-	-	8.51%	13.8%	2.72%	2.72%	2.04%
Capitalization / Revenue	0.15 x	0.07 x	0.15 x	0.13 x	0.16 x	0.19 x	0.19 x	0.18 x
EV / Revenue	0.16 x	0.78 x	0.11 x	0.07 x	0.12 x	0.15 x	0.14 x	0.13 x
EV / EBITDA	3.01 x	6.4 x	0.72 x	0.5 x	1.03 x	1.24 x	1.19 x	1.1 x
EV / FCF	6.07 x	12.2 x	1.28 x	0.97 x	2.91 x	9.09 x	10.8 x	7.28 x
FCF Yield	16.5%	8.2%	78.2%	103%	34.3%	11%	9.28%	13.7%
Price to Book	0.74 x	0.97 x	1.73 x	1.44 x	2.21 x	-	-	-
Nbr of stocks (in thousands)	820,947	819,902	818,970	821,279	820,514	831,374	-	-
Reference price ²	0.5400	0.2050	0.4800	0.4700	0.6500	0.7350	0.7350	0.7350
Announcement Date	9/4/19	9/9/20	9/15/21	9/14/22	9/13/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: July	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,992	2,519	2,658	2,990	3,363	3,239	3,270	3,322
EBITDA ¹	160.1	305.3	390	400	400.5	381.2	389.8	392.3
EBIT ¹	58.5	78.5	170.5	184.2	196.2	178	180	179
Operating Margin	1.96%	3.12%	6.41%	6.16%	5.83%	5.5%	5.51%	5.39%
Earnings before Tax (EBT) ¹	34.52	-241.1	66.8	72.1	89.3	72	75	71
Net income ¹	24.47	-172.4	46.4	49	60.4	49.4	51.75	51.2
Net margin	0.82%	-6.84%	1.75%	1.64%	1.8%	1.53%	1.58%	1.54%
EPS ²	0.0300	-0.2100	0.0560	0.0600	0.0720	0.0590	0.0605	0.0610
Free Cash Flow ¹	79.43	160.3	220	206.6	142.1	52	43	59
FCF margin	2.65%	6.36%	8.28%	6.91%	4.23%	1.61%	1.32%	1.78%
FCF Conversion (EBITDA)	49.61%	52.51%	56.41%	51.65%	35.48%	13.64%	11.03%	15.04%
FCF Conversion (Net income)	324.56%	-	474.14%	421.63%	235.26%	105.26%	83.09%	115.23%
Dividend per Share ²	-	-	-	0.0400	0.0900	0.0200	0.0200	0.0150
Announcement Date	9/4/19	9/9/20	9/15/21	9/14/22	9/13/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: July	2020 S1	2020 S2	2022 S1	2023 S1	2023 S2
Net sales ¹	1,608	-	-	-	1,478
EBITDA	-	-	-	-	-
EBIT	106.2	-27.7	-	-	-
Operating Margin	6.6%	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-
Net income	24.4	-196.8	32.3	65	-
Net margin	1.52%	-	-	-	-
EPS	0.0280	-0.2380	0.0390	0.0770	-
Dividend per Share	-	-	-	-	-
Announcement Date	3/4/20	9/9/20	3/9/22	3/8/23	9/13/23

¹AUD in Million

Estimates

Balance Sheet Analysis

Fiscal Period: July	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	38.7	1,787	-	-	-	-	-	-
Net Cash position ¹	-	-	112	186	120	139	148	181
Leverage (Debt/EBITDA)	0.2416 x	5.853 x	-	-	-	-	-	-
Free Cash Flow ¹	79.4	160	220	207	142	52	43	59
ROE (net income / shareholders' equity)	5.6%	-3.45%	23.2%	24.4%	28%	20.2%	19.6%	17.3%
ROA (Net income/ Total Assets)	2.52%	-0.71%	1.88%	2.4%	2.85%	2.1%	2.1%	2%
Assets ¹	973.1	24,129	2,465	2,043	2,118	2,352	2,464	2,560
Book Value Per Share	0.7300	0.2100	0.2800	0.3300	0.2900	-	-	-
Cash Flow per Share ²	0.1400	0.2300	0.3300	0.3300	0.2900	0.1600	0.1400	0.1600
Capex ¹	35.6	31.3	57	68.5	100	85	75	76.6
Capex / Sales	1.19%	1.24%	2.14%	2.29%	2.98%	2.62%	2.29%	2.31%
Announcement Date	9/4/19	9/9/20	9/15/21	9/14/22	9/13/23	-	-	-

¹AUD in Million²AUD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Myer Holdings Limited

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

0.735 AUD

Average target price

0.715 AUD

Spread / Average Target

-2.72%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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