While FY22 results for Premier Investments were in line with Morgan Stanley's forecasts, the 1H of FY23 is tracking well ahead of the consensus estimate.

Total sales have risen 46.7% year-on-year in the first seven weeks of FY23 (cycling -9.5%) versus the consensus forecast for 1H23 sales growth of 1%.

The company declared a final dividend of 54cps and a special dividend of 25cps, along with an on-market 12-month buyback up to $50m.

The Equal-weight rating and $20.50 target are unchanged in an initial review by the broker. Industry view: In-Line.

Sector: Retailing.

Target price is $20.50.Current Price is $23.69. Difference: ($3.19) - (brackets indicate current price is over target). If PMV meets the Morgan Stanley target it will return approximately -16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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