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).
