Premier Investments will repay $15.6m in JobKeeper benefits that were received in the first half. Increased trading outcomes have offset the costs of recent lockdowns in Queensland and Western Australia. Hence, the funds received are not required to support labour costs.
Macquarie upgrades estimates for retail earnings by 3.2%. Underlying trading is exceeding expectations and the company remains confident in its ability to meet current consensus forecasts. Outperform rating and $31 target maintained.
Target price is $31.00.Current Price is $26.29. Difference: $4.71 – (brackets indicate current price is over target). If PMV meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges – negative figures indicate an expected loss).