PREMIER INVESTMENTS LIMITED (PMV)
Share Price Analysis and Chart

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25/09/2026

1

Buy

$16.50

36.48%

After reviewing FY26 results for Premier Investments, UBS observes Peter Alexander continues to perform strongly, with sales rising 2% and further store growth planned. Meanwhile, Smiggle's strategic reset is being implemented.

The broker reduces its FY27 and FY28 retail earnings (EBIT) forecasts by -1.3% and -1.7%, respectively, reflecting lower sales assumptions despite higher margins. Target of $16.50 and Buy rating maintained.

UBS highlights execution of the Smiggle reset as the key risk given increased competition and challenging discretionary retail conditions.

Commentary adds the gross margin fell -90bps to 64.7% in FY26, reflecting excess Smiggle inventory clearance, a greater contribution from lower-margin Peter Alexander UK and increased promotional activity.

The broker considers Peter Alexander's strength and the market's underappreciation of Premier's Breville Group ((BRG)) stake supportive of an attractive risk-reward scenario.

FORECAST
UBS forecasts a full year FY27 dividend of 83.00 cents and EPS of 95.00 cents.
UBS forecasts a full year FY28 dividend of 87.00 cents and EPS of 108.00 cents.

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Broker commentary and detailed analysis is available for Full Members Only.
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28/09/2026

2

Overweight

$15.00

24.07%

Jarden maintains an Overweight rating for Premier Investments with its target price decreased to $15.00 from $15.50 to reflect near-term earnings cuts from a higher tax rate.

The FY26 result met pre-announced guidance, despite a tough second half where like-for-like sales were hurt by a weaker macro environment and gross margins were impacted by range re-sets at Smiggle.

The analyst views the flat year-to-date like-for-like sales trading update for the first half of FY27 as encouraging, considering comparables now get easier, with the Smiggle turnaround expected to yield benefits from the second quarter.

Jarden notes the company lacks imminent catalysts, with full evidence of the turnaround unlikely to be visible until early 2027.

The broker justifies its rating due to the stock trading on an 8x FY27 price-to-earnings multiple excluding cash and Breville Group ((BRG)), alongside M&A optionality backed by a $251m net cash position and a $100m share buyback.