Premier Investments Ltd

PMV: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$71.70	Mmwp	Xnbvlgncm

Premier Investments Earnings: The Pyjama Party Continues

Johannes Faul

Mar 26, 2024

We raise our fair value estimate on no-moat Premier Investments by 5% to AUD 20.50 given a slightly better earnings outlook and the time value of money. Premier’s first-half fiscal 2024 profit beat our expectations. Although underlying NPAT fell 6% to AUD 156 million, we anticipated a more significant earnings decline. We upgrade our fiscal 2024 EPS estimate by 6%, implying an 11% full-year decline versus our prior estimate for 16%.

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