Myer

jonasson · by **jonasson** » Mon Sep 28, 2009 6:10 pm

Put the super fund down for a broker firm allocation, thinking that a dearth of good quality floats over the last
couple of years should see it do well.
Indicative price now stated as b/w $3.90 & $4.90.

Heard a retail analyst today value the float as he says conservatively @ $2.90.

Any thoughts?

muhaha · by **muhaha** » Tue Sep 29, 2009 9:38 am

think its a bad idea IMHO. Myer doesnt make sense - only way to play it would be to get some allocation and sell on float day(even this is not guranteed and i for one am not tocuhing it). I reckon over time 3-5 years it may go in the hands of Premier Investments. :lol:

benthonic · by **benthonic** » Tue Sep 29, 2009 9:46 am

P105: sensitivity. a lot of their 'profit' is from appreciating AUD, buying cheaper and not passing it on. How long will this last?
sales: static , stumbling along. Earnings are up because investment has been stripped, upgrades and refurbs postponed (it is Private equity). This is a 'green desert'
godwill, intangibles. Very high $900mill?

Don't forget with many floats coming to market, they sort of have to because the access to and cost of credit is getting harder to source/ hurtss their bottom line, and it is now or never.

Judd · by **Judd** » Fri Oct 02, 2009 7:50 am

This one is not to our liking. Glossy photos of the rather photogenic Jen, great sales pitch but not a heck of a lot of substance in the prospectus. And it's private equity looking to get out with the $$ in their respective handbags/wallets. Sings of risk to me.

If you like taking on some risk, look at GBSJB Were Deposit Notes (unrated) at 7% for 12 months, 8% for 24 and 9% for 36.

jonasson · by **jonasson** » Fri Oct 02, 2009 1:44 pm

The private equity is indeed selling out Judd, and paying off only a small part of the debt as they go.

The p/e ratio is in front of DJS however, although I won't be buying DJS.

jonasson · by **jonasson** » Tue Oct 13, 2009 7:20 pm

In spite of the above, the trader in me put the smsf in for a serve.

Reasoning is that Xmas is approaching, negative comment will keep price to $4.50, it has a brand name, and it may have a good few months.

Not for the long term, but an opportunity for a short term gain.

The result may well depend on the all ords, pity it didn't float a few months back.

hybridbloke · by **hybridbloke** » Tue Oct 13, 2009 10:31 pm

westpac online broking sent an email offering the quick an opportunity to apply for broker firm allocations.

i have enough commitments coming up the next couple of weeks, but looking back,if i had sent the forms off through the margin loan facility,the churn would have been managed ok,and it would be expected that there would be 'all things avoiding disaster' a few percent in it as a stag. i just feel uneasy about a business going from 'corner cutting' private equity to long term management.

Judd · by **Judd** » Thu Oct 22, 2009 10:14 am

I'm a BigW sort of person. Consequently, I have little, actually no, need to go and shop at Myer. As I am on the hunt for a gift item to give as a memento to someone who is moving overseas, I decided to try "My Myer."

It was appalling. Absolutely atrocious. There doesn't to appear to be any staff. As a result, no service. If a counter was unattended there was a small sign advising to go to XY Department but there was no one at XY Department, which seemed to be halfway across the store. There were not many customers either. Of those who were there, should they be well dressed you could easily mistake them for Myer staff and start asking inappropriate questions.

Maybe I went on the wrong day.

I left without buying anything.

If I were to buy into the float, which I am not, I'd only buy it for any stag potential.

muhaha · by **muhaha** » Thu Oct 22, 2009 11:23 am

the funny thing is that , there have been a lot of people (who are usually not interested in shares) talking about this float, many of my family members. it seems to me that the people who do know something about shares all seem to want to dump the stock on listing. Should be a very interesting listing day.
I am sitting on the sidelines for this one. Even though i know w fair few people (family, friends , random people ) talkign about it .

Actually this is my indicator - lets call it the Myer Indicator - If the Myer float is successful and lists at a nice premium , then this will mean the last stage of the bull is here. It is then a good sign to quietly sell out of everything and sit on the sidelines ..

J. Pathe · by **J. Pathe** » Thu Oct 29, 2009 4:36 pm

Well we have a price for the shares!!!

Private equity owners exit Myer ELI GREENBLAT, JAMIE FREED
October 29, 2009 - 4:39PM .
Update The final price for the much-awaited Myer float has settled at $4.10 per share, with private equity owners TPG and Blum Capital offloading their stake in the department store chain.

An insider told BusinessDay the price had been set at $4.10, which is at the lower end of the indicative price range of $3.90 to $4.90. At $4.10, that price values Myer at roughly $2.35 billion, with the stock due to list on Monday.

TPG and Blum Capital have decided to sell down their entire stake and leave the register, according to sources who declined to be named.

Investors had been concerned that the private equity firms might keep 10 to 20 per cent of their holding in the floated company, resulting in a stock overhang that might weigh on the share price.

Indicative price

The joint lead managers of the float had set an indicative price range for Myer at between $3.90 and $4.90 per share.

Analysts said the Myer share price was also been pushed lower by the sinking Australian sharemarket this week - including more than 2 per cent today alone - and poor economic data coming out of the United States.

When the owners of Myer and their advisors set the float in motion, the market was in the midst of a bullish run, and combined with the department store's prestige and its use of store ambassador and supermodel Jennifer Hawkins the IPO generated a lot of excitement.

Earlier this week Myer chief executive Bernie Brookes returned from a global investor roadshow for the float, giving presentations to institutional investors, fund managers and pension funds to attract them to the share register.

TPG and Blum bought Myer for $1.4 billion from Coles Group in 2006, and has spent more than $370 million in updating logistics operations and renovating stores.

Myer has 65 stores across Australia, nearly double its upmarket rival David Jones Ltd's 36 stores, and claims 3 million shoppers a week through its doors in a country of about 22 million.

egreenblat@theage.com.au, jfreed@fairfaxmedia.com.au
The Age, SMH, with Reuters

Cheers
JP

hybridbloke · by **hybridbloke** » Thu Oct 29, 2009 10:21 pm

private equity exits at the 4.10 level.

the sentiment generated by this will inform retail involvement in the potential 'stream' of floats being shopped around.

as a vulture, i like increased volatility and float supply, but i feel uneasy about what is being presented.

best wishes to myer holders.

jonasson · by **jonasson** » Sun Nov 01, 2009 3:57 pm

Tomorrow will be a down day, Dow off 249 points Fri.

Myer should struggle also, but I was looking at the new year to exit, so I won't be panicking (yet)

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