Fund Manager Summary
The fund managers believe there is a strong opportunity in Premier Investments Ltd, particularly as the share price hovers around $26.57. In their opinion, the company is a well-managed fashion retailer conglomerate led by experienced leadership, notably chaired by Solomon Lew. Recent results from associated retailers like JB Hi-Fi and Myer have revealed a significant discrepancy between market expectations and actual performance, indicating resilience in the retail sector. The fund managers emphasize that PMV boasts one of the best management teams on the ASX, positioning it as their preferred retail exposure. This combination of strong management and positive market signals suggests a favorable outlook for investors.
Source: Trading View
Commentary From The Managers
Subscribe To Unlock
Date
Price
Summary
Unlock Recent Updates With ThesisTracker Pro
Don’t let information asymmetry undermine your investment returns. Join other engaged investors on ThesisTracker Pro.
Endeavor Asset Management
30 Sept 2025
$19.25
Summary
- Endeavor Asset Management updates their investment thesis on Premier Investments (PMV) following a slight underperformance in FY25 results.
- Peter Alexander shows strong sales in Australia and a solid start to FY26, continuing to be a standout performer.
- Smiggle is currently underperforming due to leadership gaps, but a new head is anticipated soon.
- The stock is considered attractive, trading on 17x P/E and 6x EV/EBITDA, with a yield exceeding 4%.
- Investment thesis is supported by the strength of Peter Alexander, potential turnaround for Smiggle, and increasing passive income from PMV's 25% stake in Breville.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Updates are made available to members within 12 hours in accordance with the ThesisTracker Pro Service Level Agreement.
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Endeavor Asset Management
30 Sept 2025
$19.25
- Endeavor Asset Management updates their investment thesis on Premier Investments (PMV) following a slight underperformance in FY25 results.
- Peter Alexander shows strong sales in Australia and a solid start to FY26, continuing to be a standout performer.
- Smiggle is currently underperforming due to leadership gaps, but a new head is anticipated soon.
- The stock is considered attractive, trading on 17x P/E and 6x EV/EBITDA, with a yield exceeding 4%.
- Investment thesis is supported by the strength of Peter Alexander, potential turnaround for Smiggle, and increasing passive income from PMV's 25% stake in Breville.
Summary
Perpetual Asset Management
30 June 2025
$20.23
- Perpetual Asset Management continues to hold its position in Premier Investments Ltd.
- Premier Investments lagged the benchmark over the June quarter, with shares struggling to gain traction.
- The company maintains a strong balance sheet and disciplined capital management.
- Despite subdued demand in the apparel sector, Premier’s control over its brand portfolio (including Peter Alexander and Smiggle) positions it well to navigate challenges.
- Premier is exploring international expansion opportunities for long-term growth.
- The company’s high level of online penetration provides flexibility in a changing retail landscape.
- Premier’s strong cash position and capital discipline enable it to pursue strategic growth while delivering returns to shareholders.
Summary
Yarra Capital Management
11 June 2025
$20.23
- Yarra Capital Management agrees with Emmanuel that Premier is a hold.
- Smiggle and Peter Alexander have performed well in Australia.
- Concerns remain about the unproven growth potential internationally.
- The market currently prices in a full value on international expansion, which Yarra Capital Management considers quite risky.
- The transaction with Myer has improved earnings quality by exiting other apparel businesses.
- 25% ownership in Breville presents a compelling global growth opportunity.
- However, Yarra Capital Management would prefer direct investment in Breville rather than through Premier.
Summary
Datt Capital
11 June 2025
$20.23
- Premier Investments is considered a strong retail business with a truly global and addressable market.
- The recent deal with Myer is viewed as a significant game changer for the portfolio.
- There is potential for flagship brands like Smiggle and Peter Alexander to be spun off in the future.
- Spinning off smaller brands may allow management to pursue international growth more aggressively.
- Valuation is a key aspect influencing the hold position on Premier Investments.
- Datt Capital continues to hold because of the positive outlook on growth opportunities.
Summary
Ausbil Investment Management
30 Apr 2025
$20.89
- Premier Investments (PMV) fell -8.0%, retracing gains after a solid 1H24 earnings beat.
- Performance driven by better than anticipated gross margins.
- The consumer discretionary environment remains difficult.
- PMV is a well-managed outfit with market-leading brands in Australia.
- Key brands include Peter Alexander and Smiggle, both offering overseas expansion potential.
- Ausbil believes the current strategic review will unlock significant value for shareholders.
Summary
Perpetual Asset Management
31 Jan 2025
$23.88
- Premier Investments experienced a setback in January, with a decline of -4.2% following a disappointing trading update that fell below consensus expectations.
- The combination of Myer and Premier’s Apparel Brands (including Just Jeans, Jay Jays, Portmans, Jacqui E, and Dotti) presents a material value unlock opportunity for shareholders.
- This transaction was completed at the end of January, resulting in in-specie distribution of Myer shares to Premier shareholders.
- The transaction allowed Premier to release its significant franking account balance to shareholders, with the Myer shares being almost fully franked.
- Post-transaction, Premier will retain 25% ownership of Breville Group, 100% ownership of high-margin growth brands Peter Alexander and Smiggle, and maintain a net cash balance sheet.
Summary
Endeavor Asset Management
31 Jan 2025
$23.88
- Premier Investments (PMV) experienced a decline in January following its first half FY25 guidance.
- Mid-point revenue forecast stands at approximately $860 million, reflecting a 2.2 percent year-on-year decline.
- Projected earnings are anticipated to dropped by 20% to $160-$165 million.
- The underlying strength of the portfolio remains, particularly with strong performance seen in Peter Alexander.
- Challenges facing Smiggle, PMV’s highest margin business, indicate a potential for strategic turnaround through leadership changes.
- Recent structural adjustments grant greater operational independence to Peter Alexander and Smiggle.
- Integration of lower-margin apparel brands with Myer aims to streamline operations.
- Distribution of Myer shares to shareholders reinforces PMV’s focus on enhancing shareholder value.
- At a 15x P/E multiple, confidence in PMV’s long-term prospects remains strong.
- Peter Alexander’s robust growth trajectory combined with low market expectations for Smiggle recovery create compelling potential upside.
Summary
Endeavor Asset Management
31 Oct 2024
$25.59
- Endeavor Asset Management updates their investment thesis on Premier Investments (PMV) following recent developments.
- Previously discussed in Growth Equities Portfolio’s August and High Conviction’s September newsletters.
- The belief that splitting PMV divisions like Smiggle and Peter Alexander could unlock shareholder value remains strong.
- In October, PMV’s board announced a binding agreement with Myer.
- Myer will issue new shares to PMV in exchange for PMV’s Apparel division and $82 million cash.
- This transaction gives PMV a 51.5% stake in Myer, to be distributed in specie to shareholders.
- The stake represents ~20% of PMV’s current share price, showcasing Premier's execution strength in retail.
- Following the announcement, PMV’s share price rose nearly 10%.
Summary
Endeavor Asset Management
30 Sept 2024
$23.35
- Endeavor Asset Management notes a 12.7% decrease in Premier Investments' share price due to the deferral of the anticipated demerger proposal.
- The demerger was delayed as a result of Myer's proposal to combine with PMV's Apparel Brands business.
- Despite these developments, PMV reported strong results from Peter Alexander but a softer performance from Smiggle, along with some middle management departures.
- Endeavor Asset Management remains confident in PMV's leadership, citing them as some of the best retailers in the country, with Solomon Lew serving as the largest shareholder.
- Overall, Endeavor Asset Management believes that their investment thesis is intact.
Summary
Airlie Funds Management
30 Sept 2024
$23.35
- Airlie Funds Management notes a decline of 13% in Premier Investments in September from record highs.
- The company reported a mixed 2H24 profit result.
- Smiggle was a key detractor, with sales down 13% in H2.
- Peter Alexander continues to perform well, achieving a record sales result of $509m, up 6% YoY.
- The international rollout of Peter Alexander and the potential spinoff of apparel brands to Myer offer future growth prospects.
- Airlie Funds Management had trimmed their position before the result.
Summary
Blackwattle Investment Partners
30 Sept 2024
$23.35
- Blackwattle Investment Partners notes that Premier Investments (PMV) reported a decline in its mature Apparel Brands and Smiggle in July FY24, with drops of -6.4% and -7.4% respectively compared to FY23.
- Trading for the first 7 weeks of FY25 has been weaker than anticipated.
- Challenges are evident from sluggish household spending, particularly affecting younger families and Smiggle.
- Recent management changes at Smiggle, including the CEO's departure, have raised additional concerns for the division.
- A restructuring of the group is delayed as management evaluates the merger proposal with Myer (MYR).
- In contrast, Peter Alexander's performance remains positive with FY24 sales increasing by 6.2% year-on-year, entering the UK market with 3 new store openings planned before Christmas.
- The UK market represents a significant growth opportunity, with potential for expansion into additional countries.
- Excluding stakes in Breville (BRG) and Myer, PMV trades at a low double-digit PE, significantly below peers like Lovisa (LOV).
- Blackwattle anticipates that PMV's discount to peers will narrow as the company addresses its challenges, especially with Smiggle.
- The Fund's underweight position in the Financials sector, particularly major banks, has mitigated some performance drag from Consumer Discretionary names.
- Australian major banks are trading at PE premiums of 50-100% relative to global counterparts, limiting long-term growth due to high household leverage.
- Dividend yields for banks like CBA are becoming less attractive compared to other sectors, with current yields noted at 3.5% versus 4.9% for Telstra for FY25f.
Summary
Endeavor Asset Management
31 Aug 2024
$26.57
- Endeavor Asset Management has entered Premier Investments (PMV), a leading fashion retailer conglomerate.
- PMV is chaired by successful Australian businessman Solomon Lew.
- Recent reporting season results from JB Hi-Fi, Universal Stores, Breville, and Myer showcased a gap between market expectations and actual performance.
- The results indicate that performance was not as bad as feared.
- PMV is supported by one of the best management teams in the ASX.
- Endeavor Asset Management considers PMV to be their preferred retail exposure.
Summary
Airlie Funds Management
30 June 2024
$22.96
- Premier Investments announced a potential merger of its Apparel Brands with Myer.
- The merger follows a strategic review by management focused on creating value for shareholders.
- Airlie Funds Management views the proposed merger positively.
- The merger aims to create a stable home for the Apparel Brands business.
- It allows for a separate listing of the higher-quality Peter Alexander and Smiggle brands.
- This announcement highlights the importance of partnering with aligned management.
Summary
Blackwattle Investment Partners
31 Mar 2024
$23.93
- Blackwattle Investment Partners updates their investment thesis on Premier Investments Ltd. (PMV.AX).
- Contributed to Fund outperformance due to the announcement of a strategic review.
- Strategic review will spinoff strong growth brands – Smiggle and Peter Alexander – over 2024-2025.
- This aligns with Blackwattle's belief that the market will place greater value on these brands due to international growth potential.
- Margins and profitability of Smiggle and Peter Alexander have not been disclosed separately, leading to under-appreciation in the market.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"In a landscape where low expectations often cloud judgment, Premier Investments seems poised to defy the odds, bolstered by exceptional management. As market realities outpace fears, this may just be the retail gem investors have been waiting for."
Last Updated: 30 Sept 2025
Query The Data
Frequently Asked Questions
Who is investing in Premier Investments Ltd (ASX:PMV)?
Fund managers including Endeavor Asset Management, Blackwattle Investment Partners, Ausbil, Datt Capital, Yarra Capital Management, Airlie Funds Management and Perpetual Asset Management have invested in Premier Investments Ltd (ASX:PMV).
Why do fund managers invest in Premier Investments Ltd?
Fund managers invest in Premier Investments Ltd due to its strong management team led by Solomon Lew and its performance that exceeds market expectations. Recent results from comparable retailers indicate that Premier is well-positioned in the retail sector, making it a preferred investment for those seeking exposure in this area.
What happened to Premier Investments Ltd (ASX:PMV)?
Fund managers are investing in Premier Investments Ltd due to its attractive valuation, trading at 17x P/E and 6x EV/EBITDA, alongside a yield exceeding 4%. The strong performance of the Peter Alexander brand and the potential turnaround of Smiggle, coupled with passive income from a significant stake in Breville, provide a solid foundation for future growth.