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Premier Investments Limited

Premier Investments is an Australian public company limited by shares. It has been listed on the Australian Securities Exchange (ASX) since 15 December 1987.

The company was established as an investment vehicle to maximise growth in capital returns to shareholders through the acquisition of controlling or strategic shareholdings in premier Australian companies with a particular focus on retailing, importing and distributing.

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News

Premier Soothes Retail Nerves

Up to the close of business on Tuesday, shares in Premier Investments (PMV), the holding company for most of Solomon Lew’s retail interests had lost around 13% for the year so far as investors fretted that it might be infected by the malaise that seems to be hammering small and medium retailers, some of whom have gone bust in recent weeks, especially in the men’s and women’s fashion wear sector.

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A Surprise In Premier’s Pyjamas

Premier Investments (PMV) has cut across the fashion retailer grain, delivering a strong first half result. The launch of pyjama retailer Smiggle UK was the key element which surprised to the upside but the company is also showing signs of a turnaround across its core suite of brands. An interim dividend of 21c was declared along with a 9c special dividend. No formal guidance was issued but the company indicated trading in the second half to date has been robust.

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Brokers Cool On Premier Investments

After winter panned out miserably for retailers, Premier Investments (PMV) provided some hope for investors. The company achieved like-for-like sales growth of 4.7% in FY14. Maintaining momentum may be difficult, and the stock is viewed by some as fully priced, but brokers were impressed with the company’s ability to battle soft consumer sentiment, a warm winter and inroads from international competition. All the Just Group brands showed like-for-like growth in the second half, the first time this has occurred since Premier Investments acquired the business in 2008.

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Retailer Premier In Need Of An Acquisition

Retail conglomerate Premier Investments (PMV) fell short of market expectations with its interim profit result yesterday, net profit of $42.4 million being impacted by a weak result from fashion chain Portmans. Stockbrokers have responded in line with what they label a disappointing result; earnings forecasts have been lowered, valuations and price targets have been cut, and ratings have been pulled back to Neutral. The overall view now seems to be that Premier Investments is looking ahead towards tougher times, unless… management uses the balance sheet strength to purchase extra growth potential.

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Forecasts Up For Premier

Given recent guidance from management, the Premier Investments (PMV) full year result of a net profit of $82.7 million was no great surprise and equity brokers generally view it as a solid result that showed more positive than negatives.

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More Upside Potential For Premier Investments

As an example of how much the fiscal stimulus measures offered by the Australian Government have impacted on the economy, retail group Premier Investments (PMV) yesterday lifted guidance for full year earnings before interest and tax to an increase of 34-41% on the back of a strong June quarter, well up from previous guidance of a decline of around 10%.

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Premier Investments Mis-Priced?

Retailing is a tough business in the current economic environment but that doesn’t mean bargains cannot be found in the sector, with WilsonHTM suggesting Solomon Lew’s Premier Investments (PMV) is one such bargain at present because of a mis-pricing by the market.

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