Feb 2020: 6 month PT. Oversold. Tend to surprise on the upside when they report. PMV own 33.4% of BRG (Breville Group) which is a very good company also. PMV also have a significant franking credit balance - courtesy of some of their prior acquisitions mostly - which will allow them to continue to keep fully franking their dividends (which increase every year I note) despite a greater percentage of their earnings coming from outside of Australia now as they continue to successfully roll out their Smiggle stores globally. Update: 27-Aug-2020: They promptly got coronered down to below $10/share in March, but have since recovered to be trading at around $19.40 today. $21 certainly still looks achievable. They didn't make $21 in that 6 month target period (from Feb this year), but I think they will during the next 6 months, so I'm leaving the TP at $21. Something to keep in mind is that PMV have two divisions. The first is Premier Retail, whose main asset these days is Smiggle, which is expanding globally. The second part of PMV is their extensive investment portfolio. The two most high profile investments in that portfolio are their holdings in Myer (MYR) and Breville (BRG). PMV will report towards the end of September, and that report will show that while they made a great profit on their BRG shares, they lost money on MYR. What people may fail to grasp is that their MYR investment is almost immaterial alongside their BRG investment. PMV own 10.77% of MYR. MYR has become a microcap, worth only $181m at today's 22 cps SP, so 10.77% of MYR is worth less than $20m. The MYR SP was down -66% in FY20, so PMV lost around $31.5m on their 88,450,664 MYR shares in FY20 - on paper, as they haven't sold yet. However, PMV own 33.4% of BRG, and BRG is currently worth $3.84 billion, so PMV's 43,429,879 BRG shares are currently worth $1.28 billion, or $128,000m, being 41.6% of PMV's current $3.08 billion market cap. BRG's SP rose +41.4% in FY20, to finish the year at $22.76, so - again, on paper - PMV made a $289.2m profit on their BRG investment in FY20, making that -$31.5m MYR loss look fairly insignificant really. On that basis, as well as using the data supplied in PMV's very positive 13-August-2020 Premier Retail 2H20 Trading Update (2 weeks ago), I'm very confident that PMV are going to release another good set of numbers towards the end of September - they have a different financial year that ended on July 25th, so they report in September instead of August. They could even hit my $21 PT on the back of that report next month, but regardless, I think they'll manage it some time in the next 6 months, unless they get coronered again, or something else comes out of left field. I bought back into PMV on 17th August at $18.04 (average price paid). 25-Feb-2021: No longer holding PMV again, sold to lock in profits. That 12-month PT of $21 got taken out in 7 months (in late September 2020), then Premier went as high as $25.35 on 13-Jan-2021 - and now they're back down around that $21 price target once again. Mark McInnes gave notice in mid-January (last month) and when he leaves in January 2022 he will have been with Premier for 10 years, after leaving David Jones under the dark cloud of a sexual harassment scandal. In the 9 years that McInnes has been with PMV so far, their share price has quadrupled. And McInnes has pocketed millions in the process - see here: https://www.smh.com.au/business/companies/from-corporate-kryptonite-to-retail-rainmaker-premier-s-mcinnes-leaves-on-a-high-20210118-p56uzj.html His replacement is the subject of a global search being undertaken by his boss, Solomon Lew, probably the best retailer Australia has ever produced. Solly is of course the largest shareholder in PMV (his Century Plaza Investments Pty Ltd hold 42.43% of PMV) and PMV is Solly's company. It has two divisions, Premier Retail and Premier Investments. The Premier Investments side own 10.77% of Myer (MYR) and along with Lew's other direct and indirect holdings controls around 32% of the $4.2 billion Breville Group (BRG). The jewell in the crown of Premier Retail is undoubtedly the Smiggle chain of Children's fashion accessories stores. Think designer pencil cases, bags, etc, in bright fluoro and pastel colours. All the must-haves for every super-spoilt rich kid. Everything in Smiggle is overpriced, but that's why the margins are so good. So what are PMV worth today? Good question. Very glad you asked. I reckon I probably got it about right 12 months ago, at $21. I reckon they're worth a little less than where they are right now, and I think they might drift down from here before coming back up when they next report. I don't think there's a heap of upside from here, not with McInnes leaving, particularly as it looks like he's going to hang around until early next year. He's already a millionaire, and he's already handed his notice in, just how motivated could he be? I wouldn't bet againt Solly, not often anyway (unless it involves Myer), but I think there are better opportunities out there at this point than PMV.