Sean K
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MYR - Myer Holdings
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Nyden
G.E. Money Genie
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Re: MYF - Myer Holdings
I'll take a billion dollars worth please.
Joking, of course.
I'm still unsure about this one. Myer are kind of a middle-ground store. They're not quite high-end, but they're probably a little better than K-Mart. Good future in targeting middle-class folk in boom times, perhaps?
I'll take a billion dollars worth please.
Joking, of course.
I'm still unsure about this one. Myer are kind of a middle-ground store. They're not quite high-end, but they're probably a little better than K-Mart. Good future in targeting middle-class folk in boom times, perhaps?
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Re: MYF - Myer Holdings
I can see this float being over subscribed, the share price opening sharply higher and then plummeting after 2 or so weeks. I.E. Retail holders all jump in thinking its the float of the century and all the smart money moved out quick smart making a nice profit.
My opinion only, DYOR
I can see this float being over subscribed, the share price opening sharply higher and then plummeting after 2 or so weeks. I.E. Retail holders all jump in thinking its the float of the century and all the smart money moved out quick smart making a nice profit.
My opinion only, DYOR
explod
explod
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Re: MYF - Myer Holdings
Smart money maybe behind the float in the first place I think. Lambs to the slaughter again IMHO
Just my old muses
Smart money maybe behind the float in the first place I think. Lambs to the slaughter again IMHO
Just my old muses
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Re: MYF - Myer Holdings
Precisely.
Equity money has bought at a price, borrowed more money to do it. Yes they have increased turn over from the lows but not certain they had anything to do with it as the Govt Stimulus packages were a contributor.
They have now packaged up a circa $1.2b business, a mountain of debt and a tidy profit to arrive at a value per share and selling it to mums and dads.
Institutions will be out quick smart and this will be a potential Babcock/ MQ shrink wrapped debt vehicle for the rest. My money is on a 1-2 week window to sell out or you will be stuck with them and talking up the dividend prospects.
Precisely.
Equity money has bought at a price, borrowed more money to do it. Yes they have increased turn over from the lows but not certain they had anything to do with it as the Govt Stimulus packages were a contributor.
They have now packaged up a circa $1.2b business, a mountain of debt and a tidy profit to arrive at a value per share and selling it to mums and dads.
Institutions will be out quick smart and this will be a potential Babcock/ MQ shrink wrapped debt vehicle for the rest. My money is on a 1-2 week window to sell out or you will be stuck with them and talking up the dividend prospects.
Re: MYF - Myer Holdings
I'll be having a hard look at the prospectus .... if I can get past the cover!
But seriously, I wouldn't underestimate the power of the Myer name in the Australian psyche nor in the Aussie wallet so I'll be taking a good look at the numbers before dismissing it as a hard sell. If I get offered any, that is
I'll be having a hard look at the prospectus .... if I can get past the cover!
But seriously, I wouldn't underestimate the power of the Myer name in the Australian psyche nor in the Aussie wallet so I'll be taking a good look at the numbers before dismissing it as a hard sell. If I get offered any, that is
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Re: MYF - Myer Holdings
agreed - in and out with a quick turn around on this one would be the only way to go.
short term DEAD money IMO... esp with the lack of stimulus monies.
dont think i'll touch this one - better opps elsewhere IMO
but, DYOR
Precisely.
Equity money has bought at a price, borrowed more money to do it. Yes they have increased turn over from the lows but not certain they had anything to do with it as the Govt Stimulus packages were a contributor.
They have now packaged up a circa $1.2b business, a mountain of debt and a tidy profit to arrive at a value per share and selling it to mums and dads.
Institutions will be out quick smart and this will be a potential Babcock/ MQ shrink wrapped debt vehicle for the rest. My money is on a 1-2 week window to sell out or you will be stuck with them and talking up the dividend prospects.
agreed - in and out with a quick turn around on this one would be the only way to go.
short term DEAD money IMO... esp with the lack of stimulus monies.
dont think i'll touch this one - better opps elsewhere IMO
but, DYOR
Caliente
Black Gold!
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Re: MYF - Myer Holdings
yeah, just got this in the inbox as well.
P/E ratio for the offer will be about 15 which I think is quite reasonable given retail rival DJS is trading on a relatively expensive 20.
70-80%payout fully franked also seems pretty reasonable.
Not sure, but am tempted to grab a few units... any other takers???
yeah, just got this in the inbox as well.
P/E ratio for the offer will be about 15 which I think is quite reasonable given retail rival DJS is trading on a relatively expensive 20.
70-80%payout fully franked also seems pretty reasonable.
Not sure, but am tempted to grab a few units... any other takers???
Re: MYF - Myer Holdings
Article from Michael Pascoe. http://www.brisbanetimes.com.au/business/psst-wanna-buy-an-expensive-used-store-20090928-g8jk.html
Article from Michael Pascoe. http://www.brisbanetimes.com.au/business/psst-wanna-buy-an-expensive-used-store-20090928-g8jk.html
Caliente
Black Gold!
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Re: MYF - Myer Holdings
thanks for the article. It's pretty scathing - but nevertheless I thought given the hype that the Myer IPO is going to be a success and there should be some profit for the taking when it opens.
thanks for the article. It's pretty scathing - but nevertheless I thought given the hype that the Myer IPO is going to be a success and there should be some profit for the taking when it opens.
Re: MYF - Myer Holdings
I agree, should be able to make a quick profit. Everyone I have run into the last couple of weeks is talking about trying to buy Myer shares for the long term. Going to be big interest from the punters to buy em and stick em in the drawer.
I agree, should be able to make a quick profit. Everyone I have run into the last couple of weeks is talking about trying to buy Myer shares for the long term. Going to be big interest from the punters to buy em and stick em in the drawer.
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Re: MYF - Myer Holdings
...pretty blunt and aggressive...was he refused a refund for a set of Maxwell & Williams plates or something?
...pretty blunt and aggressive...was he refused a refund for a set of Maxwell & Williams plates or something?
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Re: MYF - Myer Holdings
Bottom line is private equity paid $1.2b, borrowed $390 m added in a tidy profit and are trying to flog it to Joe public for around $2.4b. That is a profit of approx $800m that they want us to fund on the strength of some rubbery eps estimates that may or may not eventuate.
Other side of the coin is emotion gets involved when it is an iconic name up for sale so retail investors will like it.
"Get in get out" is the credo on this one.
Bottom line is private equity paid $1.2b, borrowed $390 m added in a tidy profit and are trying to flog it to Joe public for around $2.4b. That is a profit of approx $800m that they want us to fund on the strength of some rubbery eps estimates that may or may not eventuate.
Other side of the coin is emotion gets involved when it is an iconic name up for sale so retail investors will like it.
"Get in get out" is the credo on this one.
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Re: MYF - Myer Holdings
While I'm not very familiar with this business, from memory, it was rather poorly managed back in the Coles Myer days in terms of generating financial performances.
While I'm not very familiar with this business, from memory, it was rather poorly managed back in the Coles Myer days in terms of generating financial performances.
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The retail issue price will be determined on Fri 30 Oct after the institutional offer closes.
Trading on the ASX will commence on Mon 2 Nov. Shares will trade on a conditional and deferred settlement basis, with normal settlement trading to commence Wed 11 Nov.
Trading on the ASX will commence on Mon 2 Nov. Shares will trade on a conditional and deferred settlement basis, with normal settlement trading to commence Wed 11 Nov.
OZInvestor
Rod
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Re: MYF - Myer Holdings
Guys ,
What do u people say abt MYF ???
Is it just a hype or will it go really high .. ???
I have planned to go for it .. what do u people reckon ??
Guys ,
What do u people say abt MYF ???
Is it just a hype or will it go really high .. ???
I have planned to go for it .. what do u people reckon ??
Re: MYF - Myer Holdings
Rod,
How about adding a bit more depth to this post by stating what you think will happen and why, maybe then you will start some discussion on it that will give you some other peoples views on it.
Rod,
How about adding a bit more depth to this post by stating what you think will happen and why, maybe then you will start some discussion on it that will give you some other peoples views on it.
Re: MYF - Myer Holdings
I did a little bit of research on Myer.
In Australia there are only 2 non discount department stores and they are David Jones Stores [ASX Code DJS] and MYER Stores. It follows that any analysis of MYER must involve a comparison with DJS and also to a lesser degree the discount department stores [Target, K Mart and Big W].
MARKET SHARE
In the 2009 FY the department store market was worth $18.7 billion. The key players % share was as follows:
DJS 11.7, MYER 19.2, TARGET 21.2, K MART 22.4 & BIG W 23.9
On market share MYER is clearly ahead of DJS by 7.5% [or about $1.4 billion pa].
FUTURE GROWTH: NEW STORES AND REBUILDS
DJS currently has 36 stores across Australia.
It is building 4 new stores – Sunshine Coast, Gold Coast, Sydney and Perth.
It is in negotiations to build a further 4 new stores
It is rebuilding 2 stores in Melbourne and Perth.
It has completed or is in the process of refurbishing 7 stores
It plans to refurbish between 3-5 more stores
MYER currently has 65 stores across Australia.
It is planning to build 15 new stores in the next 5 years.
It is rebuilding its flagship store in Melbourne.
DIVIDENDS
DJS is currently paying investors a dividend of 28 cents per share. This represents a yield of about 4.83% pa.
MYER predicts that it will pay a dividend of between 20 - 21 cents per share. This represents a yield of between 4.3% - 5.3% pa.
This is just my and as always DYOR
I did a little bit of research on Myer.
In Australia there are only 2 non discount department stores and they are David Jones Stores [ASX Code DJS] and MYER Stores. It follows that any analysis of MYER must involve a comparison with DJS and also to a lesser degree the discount department stores [Target, K Mart and Big W].
MARKET SHARE
In the 2009 FY the department store market was worth $18.7 billion. The key players % share was as follows:
DJS 11.7, MYER 19.2, TARGET 21.2, K MART 22.4 & BIG W 23.9
On market share MYER is clearly ahead of DJS by 7.5% [or about $1.4 billion pa].
FUTURE GROWTH: NEW STORES AND REBUILDS
DJS currently has 36 stores across Australia.
It is building 4 new stores – Sunshine Coast, Gold Coast, Sydney and Perth.
It is in negotiations to build a further 4 new stores
It is rebuilding 2 stores in Melbourne and Perth.
It has completed or is in the process of refurbishing 7 stores
It plans to refurbish between 3-5 more stores
MYER currently has 65 stores across Australia.
It is planning to build 15 new stores in the next 5 years.
It is rebuilding its flagship store in Melbourne.
DIVIDENDS
DJS is currently paying investors a dividend of 28 cents per share. This represents a yield of about 4.83% pa.
MYER predicts that it will pay a dividend of between 20 - 21 cents per share. This represents a yield of between 4.3% - 5.3% pa.
This is just my
and as always DYOR
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With the market sliding this week, it'll be interesting to see what the issue price will be. If the institutions get cold feet, it might make MYR's retail offer come in closer to the better value end of the range. For those subscribed to the float, a market slide this week and a bounce back next week would be ideal.
