Solomon Lew is looking to deliver returns to shareholders, including himself, with some corporate activity looming on the horizon – at least we know here that the board and Mr Lew, with his 32% stake in the business, are acting in the best interest of shareholders. PMV is looking to spin out Smiggle by January 2025, with Peter Alexander to follow soon after leaving their investments in Myer (MYR) and Breville (BRG), cash, and remaining brands (falling under the Jeans Group).
Optimism is relatively high towards PMV following a better-than-expected trading update in July by discretionary retailers Accent Group, Universal Store and Michael Hill. The next 10% feels like a coin toss to MM; hence, we’ll be observers of its September result.
NB PMV will report on September 30th, basically the last retailer to confess its sins.
- We are fans of PMV, and we like the stock/company, but the risk/reward isn’t compelling above $31.
MM would only be interested in PMV into dips
Add To Hit List
