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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Premier Investments Limited    PMV   AU000000PMV2

PREMIER INVESTMENTS LIMITED

(PMV)
  Report
End-of-day quote. End-of-day quote Australian Stock Exchange - 04/14
26.42 AUD   -1.93%
03/24MORGAN STANLEY  : rates PMV as Equal-weight
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03/24PREMIER INVESTMENTS  : Reaps Margin Bonanza
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03/23PREMIER INVESTMENTS'  : Fiscal H1 Net Profit Surges 89%
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Premier Investments : Australian Smiggle owner Premier cops salary backlash despite soaring profit

12/03/2020 | 09:45pm EDT

SYDNEY, Dec 4 (Reuters) - Australian retail conglomerate Premier Investments Ltd watched its profit and shares soar through the coronavirus shutdowns but shareholders still voted against its executive pay on Friday, citing concern it was excessive in the circumstances.

Premier's retail chief executive Mark McInnes was set to receive a 10% raise to A$2.75 million ($2.04 million) in base pay, plus millions more in bonuses, after a year when online sales of its brands like Smiggle stationery and Peter Alexander pyjamas - plus government relief payments - boosted net profit by nearly a third.

But owners of 49% of the company's voting shares rejected its remuneration report at the annual meeting, well over the quarter required to count as an overall "no" vote. Under Australia's "two strikes" rule, if shareholders vote down a company's remuneration report twice, they may call a second vote to remove the entire board.

The first "strike" in the face of robust performance reflects a broadening of shareholder concerns from the traditional subjects of profit, share price and dividends. Premier's shares are up 11% since February, when equities markets went into convulsions over virus fears, against a broader Australian market decline of 7%.

"The CEO's fixed remuneration is excessive relative to market median," said proxy adviser ISS, which directed its votes against the remuneration report, noting "an extremely significant disparity between the CEO and other (key management personnel) remuneration".

The 10% raise was "well above general salary inflation, particularly in retail employee salary inflation", it added.

Chairman Solomon Lew, whose private company owns a third of Premier but chose not to vote at the meeting, said it was "completely unclear to me how it (the vote against) can be justified in relation to the outstanding performance" of management.

"Where management teams deliver outstanding results, they should be rewarded for doing so," Lew added.

Another proxy adviser, CGI Glass Lewis, said the Premier CEO's bonus was "of such a size that we find it difficult to support", but voted in favour of the remuneration report, noting that it would monitor the company's executive pay. ($1 = 1.3464 Australian dollars) (Reporting by Byron Kaye; Editing by Christopher Cushing)


© Reuters 2020
All news about PREMIER INVESTMENTS LIMITED
03/24MORGAN STANLEY  : rates PMV as Equal-weight
AQ
03/24PREMIER INVESTMENTS  : Reaps Margin Bonanza
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03/23PREMIER INVESTMENTS'  : Fiscal H1 Net Profit Surges 89%
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01/18MORGAN STANLEY  : rates PMV as Equal-weight
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01/13MORGAN STANLEY  : rates PMV as Equal-weight
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Financials
Sales 2021 1 398 M 1 073 M 1 073 M
Net income 2021 243 M 186 M 186 M
Net Debt 2021 26,3 M 20,2 M 20,2 M
P/E ratio 2021 17,9x
Yield 2021 3,20%
Capitalization 4 280 M 3 264 M 3 283 M
EV / Sales 2021 3,08x
EV / Sales 2022 3,09x
Nbr of Employees -
Free-Float 56,8%
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Technical analysis trends PREMIER INVESTMENTS LIMITED
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 11
Average target price 23,49 AUD
Last Close Price 26,94 AUD
Spread / Highest target 15,1%
Spread / Average Target -12,8%
Spread / Lowest Target -35,0%
EPS Revisions
Managers and Directors
NameTitle
Solomon Lew Chairman
David MacKenzie Crean Deputy Chairman
Timothy Michael Antonie Lead Independent Non-Executive Director
Sally Herman Independent Non-Executive Director
Terrence L. McCartney Independent Non-Executive Director
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