Solomon Lew’s retail company delivered a solid 1H result in March, including some positive comments regarding 2H. PMV improved sales in the second half across their brands, including Smiggle, Peter Alexander and Just Jeans, running in line with 2H23, putting them on track for FY24 revenue expectations. Also, some corporate activity is on the horizon, with PMV looking to spin out Smiggle by January 2025, with Peter Alexander to follow soon after leaving their investments in Myer (MYR) & Breville (BRG), cash and remaining brands (falling under the Jeans Group), hoping to unlock value for shareholders as a result.
- We are fans of PMV, liking the stock from a valuation and risk/reward perspective around $28.50, or 4% lower.
MM is bullish PMV into dips
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