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Undervalued
Morningstar Quantitative Rating as of 30 OCT 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 14.86 Fair value 16.47 One-star price 18.25
Morningstar Quantitative Rating as of 30 OCT 2026.
Morningstar Quantitative Rating as of 30 OCT 2026. The slider runs from the five-star price (14.86) to the one-star price (18.25).
| Ratios |
|---|
| Currency (Price/reporting): AUD/AUD |
| Exchange Rate: 1.0000 |
| Price - closing or last bid | 13.40 |
| Price - 12 month high | 18.41 |
| Price - 12 month low | 10.58 |
| Pricing date | 29 OCT 2026 |
| Volume - avg. trading volume for the last ten days | 0.41 |
| Market capitalization | 2,138.97 |
| 12 Month High price date | 30 OCT 2025 |
| 12 Month Low price date | 24 SEP 2026 |
| Volume - avg. trading volume for the last 3 months | 0.47 |
| Price - 1 Day % Change | 1.98% |
| Price - 13 week price percent change | -3.87% |
| Price - 26 week price percent change | 6.94% |
| Price - 5 Day % Change | 0.22% |
| Price - 52 week price percent change | -25.76% |
| Price - YTD price percent change | -2.83% |
| Price % Change Month To Date | 12.79% |
| EPS excluding extraordinary items - most recent fiscal year | 0.805 |
| EPS excluding extraordinary items - trailing 12 month | 0.805 |
| EPS Normalized - most recent fiscal year | 1.315 |
| Revenue/share - most recent fiscal year | 4.947 |
| Revenue/share - trailing 12 month | 4.947 |
| Book value per share - most recent fiscal year | 6.032 |
| Book value per share - most recent half-year | 6.032 |
| Book value (tangible) per share - most recent fiscal year | 4.191 |
| Book value (tangible) per share - most recent half-year | 4.191 |
| Cash per share - most recent fiscal year | 2.453 |
| Cash per share - most recent half-year | 2.453 |
| Cash Flow per share - most recent fiscal year | 1.380 |
| Cash Flow per share - trailing 12 month | 1.380 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.950 |
| EBITD per share - trailing 12 month | 1.629 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 0.808 |
| EPS Basic excluding extraordinary items - trailing 12 month | 0.808 |
| EPS including extraordinary items - most recent fiscal year | 0.808 |
| EPS including extraordinary items - trailing 12 month | 0.808 |
| Free Cash Flow per share - trailing 12 month | 1.289 |
| P/E excluding extraordinary items, most recent fiscal year | 16.65 |
| P/E Normalized, most recent fiscal year | 10.19 |
| Price to sales - most recent fiscal year | 2.71 |
| Price to Tangible Book - most fiscal year | 3.20 |
| Price to Free Cash Flow per Share - most recent fiscal year | 10.40 |
| Price to Cash Flow per share - trailing 12 month | 9.71 |
| Price to Book - most recent fiscal year | 2.22 |
| P/E excluding extraordinary items high, trailing 12 months | 20.29 |
| P/E excluding extraordinary items low, trailing 12 months | 12.36 |
| Net Debt, LFI | -118.29 |
| Net Debt, LFY | -170.54 |
| Dividend Yield - 5 Year Average | 3.98% |
| Dividend Yield - indicated annual dividend divided by closing price | 7.13% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 7.09% |
| Free Cash Flow - most recent fiscal year | 206.83 |
| LT debt/equity - most recent fiscal year | 9.30% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 22.95% |
| LT debt/equity - most recent half-year | 17.35% |
| Total debt/total equity - most recent half-year | 23.69% |
| Free Cash Flow - trailing 12 month | 206.83 |
| Payout ratio - trailing 12 month | — |
| Revenue - most recent fiscal year | 794.08 |
| Revenue - trailing 12 month | 794.08 |
| EBITD - most recent fiscal year | 261.55 |
| EBITD - trailing 12 month | 261.55 |
| Earnings before taxes - most recent fiscal year | 185.10 |
| Earnings before taxes - trailing 12 month | 185.10 |
| Net Income available to common - most recent fiscal year | 129.17 |
| Net Income available to common - trailing 12 months | 129.17 |
| Earnings before taxes Normalized - most recent fiscal year | 192.82 |
| Net Income Available to Common, Normalized - most recent fiscal year | 211.14 |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 1.32 |
| Net Profit Margin % - 1st historical fiscal year | 16.27% |
| Net Profit Margin % - trailing 12 month | 16.27% |
| Operating margin - 1st historical fiscal year | 15.34% |
| Operating margin - trailing 12 month | 15.34% |
| Pretax margin - trailing 12 month | 23.31% |
| Pretax margin - 1st historical fiscal year | 23.31% |
| Operating Margin - 5 year average | 19.63% |
| Pretax Margin - 5 year average | 24.07% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 23.76% |
| Free Operating Cash Flow/Revenue, TTM | 26.05% |
| Net Profit Margin - 5 year average | 17.11% |
| Return on average assets - most recent fiscal year | 8.94% |
| Return on average assets - trailing 12 month | 8.94% |
| Return on average equity - most recent fiscal year | 12.98% |
| Return on average equity - trailing 12 month | 12.98% |
| Return on average assets - 5 year average | 9.87% |
| Return on average equity - 5 year average | 14.95% |
| Net Income/employee - most recent fiscal year | — |
| Revenue/employee - most recent fiscal year | — |
| Revenue growth rate, 5 year | -11.26% |
| EPS growth rate, 5 year | -13.93% |
| Growth rate% - dividend, 3 year | -4.19% |
| Revenue/share (5 yr growth) | -11.37% |
| Growth rate% - Revenue, 3 year | -21.53% |
| Growth rate% - EPS, 3 year | -21.85% |
| Book value per share growth rate, 5 year | -8.97% |
| Capital Spending growth rate, 5 year | 36.93% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | -14.37% |
Financial forecast (AUD, millions except per share)
| Actuals | Estimates | |||||||
| 2026 | 2027 | 2028 | 2029 | |||||
| Estimate breakdown | ||||||||
Financials (AUD, millions)
| Period end: | JUL 22 | JUL 23 | JUL 24 | JUL 25 | JUL 26 |
| Fiscal year: | 2022 | 2023 | 2024 | 2025 | 2026 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
Premier Investments (ASX: PMV) owns two core retail brands: Peter Alexander, which specialises in sleepwear, pyjamas and loungewear, and Smiggle, which sells children’s stationery, school supplies, bags and accessories. Premier also holds a 25% stake in Breville Group (ASX: BRG), the kitchen appliance maker. Its former apparel brands — Just Jeans, Jay Jays, Portmans, Dotti and Jacqui E — were sold to Myer in January 2025.
We start the week with three open positions, note the stops have been raised:
Last week PMV followed the chart pattern we’ve been monitoring for a number of serial underperformers, i.e. a failed dip to fresh 2026 lows. However, with PMV there was no time to blink as the retailer popped ~10% followed a mixed FY26 result but a large beat on the dividend front. The chart below effectively illustrates selling exhaustion.
PMV +7.08%: The multi-brand retailer performed well today after a better-than-expected FY26 result, with our discussion on the stock in our morning note here proving pertinent. FY26 was mixed, with revenue slightly below expectations though earnings beat consensus, cost controls remain solid and, importantly, Peter Alexander has started to outperform.
Unlike other stocks looked at today, PMV delivered a disappointing trading update in August, covered here, with discretionary spending weighing on sales - a common thematic. PMV has fallen around 40% over the past year, materially underperforming both the ASX 200 and Consumer Discretionary sector.
PMV –11.01%: disappointed the market with a soft trading update. The key issue was deteriorating discretionary spending late in the second half, with Premier Retail sales falling 2% and earnings (EBIT) now expected to be around $176m, below its previous guidance of ~$183m.
PMV -4.31%: delivered a softer 1H result with profit down year-on-year. The market initially responded positively to improving momentum in Peter Alexander and signs management is addressing the underperformance at Smiggle, though the stock traded lower through day, with a -12% swing and closing lower on the session.
The majority of discretionary retail stocks have been trading on or around all-time highs, led by the likes of Harvey Norman (HVN), JB Hi Fi (JBH), Lovisa (LOV) and Nick Scali (NCK), but the sector is certainly not performing as one.
PMV +3.85%: Released an in-line result with earnings guided to in January, leaving little room for a surprise. The result was complicated by the recent sale of its apparel brands to Myer given the limited detail provided around each division’s earnings historically.
MM is cautiously bullish towards PMV
Buy Premier Investments (PMV) at $12.00 with stops at 11.20, around 7% risk.
MM is bullish towards Premier Investments (PMV) below $12
MM is bullish toward PMV
MM is bullish towards PMV in the $10-10.50 area
MM remains neutral toward PMV
MM remains neutral toward PMV
MM is neutral on PMV ~$19
MM is cautiously bullish PMV
MM is neutral PMV & MYR
Premier Investments owns two global retail brands. The unique Smiggle brand retails children's stationery in Australia and overseas markets. The prolific fashion brand Peter Alexander is focused on the Australian and New Zealand markets. Peter Alexander closed its small network of British stores but retains its online presence.Premier materially restructured in 2025, merging its five core apparel brands with department store Myer. It distributed its Myer equity stake to its shareholders with an in specie capital reduction and dividend.Premier is also a significant shareholder in Australia-listed Breville Group.
Portfolio Manager Harry Watt discussing Premier Investments (PMV), Myer (MYR) & KMD Brands (KMD)
Recorded Monday 27th March
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