External broker reports(aggregated public sources), Canaccord Genuity

Canaccord Genuity

Canaccord Genuity Group Inc. is a leading independent investment bank with operations in North America, UK & Europe and Asia-Pacific. Canaccord Genuity Group Inc. is a leading independent, full-service financial services firm. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>MYR issued a trading update noting like-for-like sales for the 22 weeks through 28th December were in line with the PcP whilst total sales were down 0.8% (broadly in-line with CGe), noting the Werribee store was closed for four months during 1H25E.</li><li>Operating cost pressure and ramp-up complexity at the New Distribution Centre (NDC) have, however, pressured margins with the company noting operating gross profit is pacing $15m below PCP period to date (CGe looking for a broadly flat result 1H25E vs $665m in PcP) whilst pre-AASB16 EBIT is pacing $16m below PCP period to date (CGe looking for 1H25E EBIT $74m, -$2m vs pcp).</li><li><div><div><div><div><p>We also understand there has been some mix shift towards concession sales during the period.</p></div></div></div></div></li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

MYR issued a trading update noting like-for-like sales for the 22 weeks through 28th December were in line with the PcP whilst total sales were down 0.8% (broadly in-line with CGe), noting the Werribee store was closed for four months during 1H25E.Operating cost pressure and ramp-up complexity at the New Distribution Centre (NDC) have, however, pressured margins with the company noting operating gross profit is pacing $15m below PCP period to date (CGe looking for a broadly flat result 1H25E vs $665m in PcP) whilst pre-AASB16 EBIT is pacing $16m below PCP period to date (CGe looking for 1H25E EBIT $74m, -$2m vs pcp).We also understand there has been some mix shift towards concession sales during the period.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Myer Holdings Limited - Pinch Point but Path Intact