Agreed Sale of Premier Investments' Apparel Brands to Myer Exceeds Expectations, Jarden Research Says

MT Newswires Live10-31

The agreed sale of Premier Investments' (ASX:PMV) Apparel Brands to Myer (ASX:MYR) exceeded expectations, Jarden Research said in an Oct. 29 note.

The move offers significant potential for the company to further re-rate through higher contributions from stationery brand Smiggle and sleepwear business Peter Alexander, as well as tax benefit through the full franked component of Myer share distribution, according to the investment advisory firm.

While the Apparel demerger is positive for the company, Jarden said Smiggle's weakness needs to be addressed for material re-rate.

The investment adviser kept its AU$29.50 price target and neutral rating on Premier Investments.

Price (AUD): $31.17, Change: $-0.17, Percent Change: -0.54%

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