Clothing retailer PMV which owns brands such as Just Jeans, Smiggle, Peter Alexander and Dotti has been a solid performer since June although, like many in the sector, it struggled over the last few weeks. The company also owns over 22% of the turnaround story Myer (MYR) and 25% of the electrical business Breville Group (BRG) – who has reported this morning and maintained guidance for 10% earnings growth – illustrating its diversification but clear exposure to the consumer.
- We can see PMV drifting lower with the sector but it’s a quality operator that looks attractive under $25 – PMV has ~$500m of cash on their balance sheet to take advantage of downturns. NB We hold PMV in our Emerging Companies Portfolio.
MM likes PMV into a pullback
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