MYER HOLDINGS LIMITED (MYR)
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28/07/2026

1

Overweight

$0.55

155.81%

Morgan Stanley highlights a weaker-than-expected end to FY26 for Myer. Subdued consumer spending, higher fuel prices, interest rate rises and an unusually warm start to winter weighed on sales, the analysts explain.

The broker notes stronger promotional activity also pressured gross profit, while increased discounting around Amazon's Prime Day compounded trading conditions.

Management maintained guidance for the cost of doing business (CODB) at around 29% of sales but flagged the FY26 results will include an assessment of potential impairments and other significant items.

Target $0.55. Overweight. Industry View: Cautious.

FORECAST
Morgan Stanley forecasts a full year FY26 dividend of 2.30 cents and EPS of 3.60 cents.
Morgan Stanley forecasts a full year FY27 dividend of 4.10 cents and EPS of 5.40 cents.

29/07/2026

1

Buy

$0.53

146.51%

Canaccord Genuity maintains a Buy rating for Myer with its target price lowered to $0.53 from $0.63 following an unaudited full-year trading update through 25 July 2026.

Group sales for the full year reached $4,089m, up 0.3% on a pro forma basis, as late-period promotional activity failed to offset weaker consumer sentiment in June and July.

Management expects operating gross profit between $1,601m and $1,607m, reflecting an operating gross profit margin contraction of approximately -100bps versus the prior corresponding period.

To incorporate weaker trading trends, the analyst reduces FY26 net profit after tax estimate by -29% and FY27 forecast by -26%.

Ongoing execution across strategic initiatives, strong loyalty program engagement, and a net cash balance sheet support the long-term investment thesis, the report concludes.