PMV – Macquarie rates the stock as Outperform

First half earnings were ahead of Macquarie’s estimates. The broker notes the 30.3% margins were supported by online and rent/wages relief.

Earnings margins are expected to normalise but still exceed pre-pandemic levels amid long-term rent reductions and a shift to online.

Macquarie likes the exposure to a leading global retailer and retains an Outperform rating. Target is raised to $31 from $28.

Sector: Retailing.

 

Target price is $31.00.Current Price is $23.84. Difference: $7.16 – (brackets indicate current price is over target). If PMV meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges – negative figures indicate an expected loss).

 

 

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