Myer Investment Analysis

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Myer Investment Analysis Industry Analysis The Australian department store sector has undergone significant change over the past decade. The discount department store is increasingly competitive. Financial crisis has resulted in higher unemployment rate and lower consumer sentiment, effecting retailing sales. However, these negative events have been partially offset by the Federal Government’s economic stimulus package and reduction of official interest rates. In non-food industry of Australia, there are restrictive property and zoning laws, causing barriers for entrants. The leading retailers such as Myer and David Jones have great brand identification and customer loyalty. Their large scale and mature supply chains ensure their cost advantages over potential new entrants. Among existing rivalries, discount department store market is more competitive than the premium end of the market. David Jones has significantly grown share of EBIT within premium. Target has strong offering of private label fashion and home wears. Compared to these key competitors, Myer has larger private label offering and lower entry price points. They have different market orientations. In non-food industry, the threat of substitute is high since large number of alternative products is available. The products with relatively lower price in discount department store have similar functionality to those in premium department store. Moreover, due to financial crisis, many consumers have converted to discount department stores. The suppliers’ power varies among different retailers. Myer’s Asian buying is now primarily facilitated by Li & Fung. In addition, Myer sources from over 800 suppliers globally. It indicates suppliers have strong power in some specific fields such as Asian buying in Myer. However, the wide access to global suppliers has ensured high flexibility which reduces suppliers’ power relatively. The products in this industry form a significant part of buyers’ costs. Buyers are sensitive to the prices. The department stores and cost advantage pursued by premium department stores offer buyers more options. Besides these five forces in the industry, Myer’s positioning contributes a lot to its stable growth (Refer to Appendix A). Company Positioning Analysis Myer’s positioning depends on its internal factors such as strengths and weaknesses and external factors including opportunities and threats. As for internal factors, Myer has an experienced management team, world class supply chain and IT system. Investment in team members has improved customer focus and productivity. The success in loyalty program builds Myer’s customer insight. In addition, Myer has larger private label offering and lower entry price points. It has traded at a 12% discount to retail sector. However, the weakness in former store portfolio has caused Myer to reposition several times. Myer’s strengths and improved store portfolio currently position it as a full service but middle market department store. In addition, increase in interest rate has decreased customers’ disposable income, which creates opportunity for middle market. Myer’s cost advantage, stable growth and $400 million investment in transformations bring in sufficient capital, which is helpful for market expansion. Its increasing breadth of offering help win new market with different customer tastes. The improved management capacity, world class supply chain and advanced IT system make it possible to set up shops in wider geographical locations. Consequently, the group targets top 3 quintiles of population, which comprise just less than 80% of national disposable income. The threat comes from changing customer tastes and loss of key staff. Myer increases exclusive brands and private labels to meet different customer tastes. To maintain key staff, Myer applies cash and equity incentives. To confront ever-changing market effectively, Myer adopts different strategies and directions. Company strategy and direction Myer’s direction is to be an international class retail business providing inspiration to a large number of Australian households. Based on the uniqueness perceived by the customer and expansive opportunity inferred from the SWOT analysis (see Appendix B), Myer has employed a differentiation strategy which seeks to satisfy all customers groups in the market with a full line of non-food products. From standing by this strategy, Myer carries more than 60,000 product lines and approximately 2400 domestic and international brands across its 11 core product categories including women’s swear, menswear, youth fashion, children’s wear, intimate apparel; beauty, fragrance and so on. In addition, Myer has established a special brand hierarchy which covers a broad range from entry level to luxury price points, with a focus on modern and fashionable products. Hence, Myer believes its width of products and brands at a range of price points differentiate the company from other special department retail stores, and the depth of the product knowledge is a key competitive advantage over the discount department stores. Changes During last few years, the premium department stores suffered from low market demand due to the impact of the Global Financial Crisis. As a result of this, since 2006, Myer has spent $400 million to make business turnaround and rebuild cost structure. The first important change is the design of Myer One loyalty program with free registration. It focuses on customers’ needs and preferences thereby helping the company target these specified needs. As can be seen from the following table, approximately half of sales are generated from this program [pic] Furthermore, Myer pays much more attention to changing its cost structure. Firstly, Myer’s supply chain has been transformed over the past three years. The transit lead time has been slashed, and distribution centres and warehouses have been consolidated. Moreover, Myer refreshed its distribution network as well as upgrading the IT system in order to ensure efficiency. Also, it keeps a tighter control on its inventory to reduce the cost as possible as they can. Lastly, Myer is a leading advertiser in the Australian retail industry and invests heavily in advertising across most media channels. However, since the transformation, Myer’s advertising investment has focused on events based on marketing where it can build a strong connection with customers, such as Christmas, Mothers’ Day. Share Price MYR. AX issued IPO at 2 November 2009, since that day, the performance of its share price could be described as the figure below. [pic] On the 2nd of November, the total number of shares that Myer issued on the completion of the offer is 585 million. At that date, the share price is $3. 75, which gives us a market capitalisation of approximately $2,194 million. By the closing date, market capitalisation decreased to $2,129 million with a share p rice of $3. 64. After initial issue, the price increased slightly as the shares were undervalued to attract more investors to help the company to raise funds. During the first month of the share issue the prices reached a peak of $3. 98, on 16th Nov 2009. After that the share price started to decrease until 5th Feb 2010. During this period, it became a substantial holder from BTT at 10 Nov 2009 and issued options as 04th Dec 2009. After that the share price increased for approximately 40 days. The price reached at $3. 53 as the close price of 17th Mar 2010, and the highest price of that day was $3. 55. It peaked in the first half of FY2010. Since 17th March, the trend of the share has dramatical decreasing, until 7th May when it reached the lowest price since IPO, which was $3. 03, the same day Myer made a presentation to Macquarie Conference. Since then the share price trended to go up. As the sale of 3rd quarter of FY09 updated on17 May. The Company reported it reaffirms its full year guidance for sales growth of 1% to 2% to between $3,293 and $3,326m and EBIT growth of 10. 7% to $261m. The Company changed in substaintial holdings at 02 June and 09 July new store opened at Foutain Gate, the price grew rapidly the share was closing at $3. 71 at 13 Aug. Further more, there is an additional information provieded which is that Myer company would open 15 new stores around Australia in the next 5 years. This is a positive information for the predicted future share price, which would lead to an increasing during the period. Compare to the performance of the industry and the competitors, S&P200 and DJS. AX are known as the benchmark of the industry and the mainly competitor of Myer company. The chart of the changes of these three shares shown as following, [pic] Based on the chart, it indicates that both Myer and David Jones have notably underperformed compared with the entire industry since January. During April, there is a big gap between Myer and industry. JP Morgan’s retail analysts said, “The "cycling" of the stimulus payments has had a greater effect than first envisaged. Weather has also been a contributing challenge, with the warmer weather in March and April a constraint on sales growth. ” Since we are still in the recession now, people spend money on their necessities such as food. Besides, people would switch to discount department store rather than upmarket one. Challenges There is no company operating its business smoothly due to the dynamic and unstable industry environment. The CEO, Bernie Brookes, has turned around the department store chain through cutting costs, improving supply chain management and building the loyalty program. Even so, Myer is still facing a certain number of challenges to go forward including both external and internal factors. From external perspective, there are some unseen risks that are hard to forecast such as financial crisis. When the Australian economic conditions worsen, it certainly affects the level of consumption, as consumers shift their preferences to discount stores. Consequently Myer’s future financial performance and financial position will suffer adverse effects. Under such poor economic environment, what Myer should do to maintain or stimulate its sales revenue is a big challenge. From internal perspective, Myer has its own growth plans or budgeted profits, whether it is able to achieve these trading results is the so-called execution risk. Myer is running a number of projects in parallel, the failure of which will have an impact on the performance results. On the other hand, when economy is poor, the existing strategy or direction may not suit the company’s current situation properly. Therefore Myer may need to alter its strategy and direction. Even if Myer finds an appropriate strategy, whether achieving its strategy well is still a key challenge for Myer. Appendix A Industry Analysis Force |Power |Threat to profit | |Threat of new entrant |Low |low | |Internal rivalry |Medium |medium | |Substitutes |High |high | |Suppliers |Medium |medium | |Buyers |High |high | Appendix B SWOT Analysis of Myer Limited Strengths | Weakness | Opportunity | Threat | |Unique perceived by the customer |No new customer |Market development |Market demand | |Loyal customers |Less |(expand to 80 stores in the next|( affected by the economic conditions| |(loyalty program builds) |in-house brands |five years) |worsen) | |Experienced management and |(just have few own brands) |Niche target markets( |Loss of key staff | |team(proven and committee |Store portfolio |international class retail |Competitor intentions | |management team with over 300 years|(larger private label |business) |Global Economics | |of combined experience) |offering and lower entry |Attract diverse group of |(e. g. Financial Crisis) | |Strong distribution (offering at a |price points) |customers |Seasonal, Weather, Fashion influences| |wide range of price points | |(approximately 2400 domestic and|the businesses | |underpins broad customer appeal) | |international brands) |Changing Demographics | |Financial reserves | |Business and product development|(further refinements to the product | |Strong presence in all major | |(Myer establishes a special |mix to appeal to every customer) | |shopping centre ( Present in 25 of | |brand hierarchy) | | |the top 30 retail centres) | |Middle market department store | | |Highly reputable Australian brand | |(compare David Jones, Target) | | |(over 100 years of retailing | | | | |heritage provides a strong | | | | |connection with customers) | | | | Appendix C Share Prices |REBASED SHARE PRICES | |ACTUAL SHARE PRICE | |S&P200 |MYR |DJS | |S&P 200 |MYR |DJS | |2/11/2009 |4540. 4 |3. 75 |5. 25 | |1 |1 |1 | |3/11/2009 |4531. 5 |3. 81 |5. 3 | |0. 99804 |1. 016 |1. 009524 | |4/11/2009 |4540. 1 |3. 84 |5. 42 | |0. 999934 |1. 024 |1. 032381 | |5/11/2009 |4508 |3. 76 |5. 19 | |0. 992864 |1. 002667 |0. 988571 | |6/11/2009 |4594 |3. 77 |5. 47 | |1. 011805 |1. 005333 |1. 041905 | |9/11/2009 |4674. 9 |3. 76 |5. 68 | |1. 029623 |1. 002667 |1. 081905 | |10/11/2009 |4733. 6 |3. 82 |5. 78 | |1. 042551 |1. 018667 |1. 100952 | |11/11/2009 |4757 |3. 85 |5. 87 | |1. 047705 |1. 026667 |1. 18095 | |12/11/2009 |4747. 9 |3. 92 |5. 8 | |1. 045701 |1. 045333 |1. 104762 | |13/11/2009 |4706. 4 |3. 91 |5. 77 | |1. 036561 |1. 042667 |1. 099048 | |16/11/2009 |4755. 2 |3. 92 |5. 91 | |1. 047309 |1. 045333 |1. 125714 | |17/11/2009 |4729. 4 |3. 85 |5. 88 | |1. 041626 |1. 026667 |1. 12 | |18/11/2009 |4739 |3. 93 |5. 79 | |1. 043741 |1. 048 |1. 102857 | |19/11/2009 |4749. 2 |3. 92 |5. 73 | |1. 045987 |1. 045333 |1. 091429 | |20/11/2009 |4685. 8 |3. 86 |5. 65 | |1. 032024 |1. 029333 |1. 07619 | |23/11/2009 |4717 |3. 88 |5. 78 | |1. 038895 |1. 034667 |1. 100952 | |24/11/2009 |4685 |3. 86 |5. 81 | |1. 031847 |1. 029333 |1. 106667 | |25/11/2009 |4722. 2 |3. 8 |5. 7 | |1. 040041 |1. 013333 |1. 099048 | |26/11/2009 |4708. 6 |3. 74 |5. 76 | |1. 037045 |0. 997333 |1. 097143 | |27/11/2009 |4572. 1 |3. 63 |5. 69 | |1. 006982 |0. 968 |1. 08381 | |30/11/2009 |4701. 4 |3. 7 |5. 76 | |1. 035459 |0. 986667 |1. 097143 | |1/12/2009 |4719 |3. 77 |5. 75 | |1. 039336 |1. 005333 |1. 095238 | |2/12/2009 |4762. 4 |3. 74 |5. 74 | |1. 048894 |0. 997333 |1. 093333 | |3/12/2009 |4774. 6 |3. 82 |5. 76 | |1. 051581 |1. 018667 |1. 097143 | |4/12/2009 |4702. 2 |3. 81 |5. 61 | |1. 035636 |1. 016 |1. 068571 | |7/12/2009 |4676. 5 |3. 77 |5. 52 | |1. 029975 |1. 005333 |1. 051429 | |8/12/2009 |4670. 6 |3. 75 |5. 44 | |1. 028676 |1 |1. 3619 | |9/12/2009 |4637. 9 |3. 75 |5. 46 | |1. 021474 |1 |1. 04 | |10/12/2009 |4606. 7 |3. 8 |5. 44 | |1. 014602 |1. 013333 |1. 03619 | |11/12/2009 |4635. 2 |3. 83 |5. 5 | |1. 020879 |1. 021333 |1. 047619 | |14/12/2009 |4654 |3. 79 |5. 42 | |1. 02502 |1. 010667 |1. 032381 | |15/12/2009 |4673. 5 |3. 77 |5. 39 | |1. 029315 |1. 005333 |1. 026667 | |16/12/2009 |4661. 9 |3. 77 |5. 33 | |1. 02676 |1. 005333 |1. 015238 | |17/12/2009 |4670. 3 |3. 74 |5. 44 | |1. 02861 |0. 997333 |1. 03619 | |18/12/2009 |4650. 5 |3. 68 |5. 25 | |1. 024249 |0. 981333 |1 | |21/12/2009 |4635. 1 |3. 68 |5. 33 | |1. 020857 |0. 981333 |1. 015238 | |22/12/2009 |4704. 2 |3. 7 |5. 35 | |1. 36076 |0. 986667 |1. 019048 | |23/12/2009 |4739. 3 |3. 65 |5. 38 | |1. 043807 |0. 973333 |1. 024762 | |24/12/2009 |4790. 9 |3. 66 |5. 33 | |1. 055171 |0. 976 |1. 015238 | |29/12/2009 |4845. 1 |3. 66 |5. 32 | |1. 067109 |0. 976 |1. 013333 | |30/12/2009 |4833. 3 |3. 64 |5. 33 | |1. 06451 |0. 970667 |1. 015238 | |31/12/2009 |4870. 6 |3. 64 |5. 4 | |1. 072725 |0. 970667 |1. 028571 | |4/01/2010 |4876. 3 |3. 67 |5. 29 | |1. 07398 |0. 978667 |1. 007619 | |5/01/2010 |4924. 3 |3. 62 |5. 22 | |1. 084552 |0. 965333 |0. 994286 | |6/01/2010 |4921. 4 |3. 62 |5. 09 | |1. 083913 |0. 965333 |0. 969524 | |7/01/2010 |4899. 4 |3. 62 |5. 13 | |1. 079068 |0. 965333 |0. 77143 | |8/01/2010 |4912. 1 |3. 6 |5. 17 | |1. 081865 |0. 96 |0. 984762 | |11/01/2010 |4950. 7 |3. 55 |5. 07 | |1. 090366 |0. 946667 |0. 965714 | |12/01/2010 |4899. 5 |3. 56 |5. 02 | |1. 07909 |0. 949333 |0. 95619 | |13/01/2010 |4868. 1 |3. 61 |5. 14 | |1. 072174 |0. 962667 |0. 979048 | |14/01/2010 |4898 |3. 62 |5. 14 | |1. 07876 |0. 965333 |0. 979048 | |15/01/2010 |4899. 6 |3. 62 |5. 14 | |1. 079112 |0. 965333 |0. 979048 | |18/01/2010 |4911. 1 |3. 55 |5. 04 | |1. 081645 |0. 946667 |0. 96 | |19/01/2010 |4861. 2 |3. 54 |5. 08 | |1. 070655 |0. 944 |0. 967619 | |20/01/2010 |4868. 2 |3. 51 |5. 04 | |1. 072196 |0. 936 |0. 96 | |21/01/2010 |4827. 2 |3. 5 |5 | |1. 63166 |0. 933333 |0. 952381 | |22/01/2010 |4750. 6 |3. 47 |4. 96 | |1. 046295 |0. 925333 |0. 944762 | |25/01/2010 |4717. 9 |3. 45 |4. 89 | |1. 039093 |0. 92 |0. 931429 | |27/01/2010 |4644. 6 |3. 35 |4. 76 | |1. 02295 |0. 893333 |0. 906667 | |28/01/2010 |4673. 3 |3. 3 |4. 77 | |1. 029271 |0. 88 |0. 908571 | |29/01/2010 |4569. 6 |3. 2 |4. 76 | |1. 006431 |0. 853333 |0. 906667 | |1/02/2010 |4524. 1 |3. 26 |4. 79 | |0. 99641 |0. 869333 |0. 912381 | |2/02/2010 |4605. 3 |3. 37 |4. 86 | |1. 014294 |0. 898667 |0. 925714 | |3/02/2010 |4647. 9 |3. 38 |4. 93 | |1. 023676 |0. 901333 |0. 939048 | |4/02/2010 |4621. 6 |3. 25 |4. 73 | |1. 017884 |0. 866667 |0. 00952 | |5/02/2010 |4514. 1 |3. 14 |4. 62 | |0. 994208 |0. 837333 |0. 88 | |8/02/2010 |4521. 4 |3. 19 |4. 61 | |0. 995815 |0. 850667 |0. 878095 | |9/02/2010 |4505. 1 |3. 25 |4. 74 | |0. 992225 |0. 866667 |0. 902857 | |10/02/2010 |4513. 4 |3. 27 |4. 75 | |0. 994053 |0. 872 |0. 904762 | |11/02/2010 |4554. 3 |3. 36 |4. 84 | |1. 003061 |0. 896 |0. 921905 | |12/02/2010 |4562. 1 |3. 38 |4. 84 | |1. 004779 |0. 901333 |0. 921905 | |15/02/2010 |4545. 5 |3. 37 |4. 9 | |1. 001123 |0. 898667 |0. 933333 | |16/02/2010 |4567. 8 |3. 35 |4. 91 | |1. 006035 |0. 893333 |0. 935238 | |17/02/2010 |4667. 9 |3. 37 |4. 9 | |1. 028081 |0. 898667 |0. 933333 | |18/02/2010 |4654. 9 |3. 8 |4. 87 | |1. 025218 |0. 901333 |0. 927619 | |19/02/2010 |4635. 1 |3. 37 |4. 8 | |1. 020857 |0. 898667 |0. 914286 | |22/02/2010 |4717. 5 |3. 4 |4. 89 | |1. 039005 |0. 906667 |0. 931429 | |23/02/2010 |4718. 3 |3. 34 |4. 87 | |1. 039182 |0. 890667 |0. 927619 | |24/02/2010 |4648. 5 |3. 3 |4. 87 | |1. 023808 |0. 88 |0. 927619 | |25/02/2010 |4594. 1 |3. 29 |4. 86 | |1. 011827 |0. 877333 |0. 925714 | |26/02/2010 |4637. 7 |3. 33 |4. 74 | |1. 02143 |0. 888 |0. 902857 | |1/03/2010 |4686. 5 |3. 35 |4. 81 | |1. 032178 |0. 893333 |0. 91619 | |2/03/2010 |4701. 9 |3. 39 |4. 82 | |1. 03557 |0. 904 |0. 918095 | |3/03/2010 |4735. 7 |3. 38 |4. 92 | |1. 043014 |0. 01333 |0. 937143 | |4/03/2010 |4750. 5 |3. 38 |4. 9 | |1. 046273 |0. 901333 |0. 933333 | |5/03/2010 |4767. 2 |3. 39 |4. 99 | |1. 049952 |0. 904 |0. 950476 | |8/03/2010 |4807. 9 |3. 43 |5. 04 | |1. 058916 |0. 914667 |0. 96 | |9/03/2010 |4820. 1 |3. 51 |5. 04 | |1. 061603 |0. 936 |0. 96 | |10/03/2010 |4820 |3. 47 |5. 07 | |1. 06158 |0. 925333 |0. 965714 | |11/03/2010 |4814. 2 |3. 44 |5. 08 | |1. 060303 |0. 917333 |0. 967619 | |12/03/2010 |4818. 1 |3. 5 |5. 16 | |1. 061162 |0. 933333 |0. 982857 | |15/03/2010 |4784. 1 |3. 51 |5. 04 | |1. 053674 |0. 936 |0. 96 | |16/03/2010 |4797. 2 |3. 51 |5. 07 | |1. 056559 |0. 936 |0. 965714 | |17/03/2010 |4853. |3. 53 |5. 13 | |1. 068893 |0. 941333 |0. 977143 | |18/03/2010 |4863. 1 |3. 51 |5. 09 | |1. 071073 |0. 936 |0. 969524 | |19/03/2010 |4872. 2 |3. 37 |4. 92 | |1. 073077 |0. 898667 |0. 937143 | |22/03/2010 |4830. 2 |3. 3 |4. 91 | |1. 063827 |0. 88 |0. 935238 | |23/03/2010 |4874. 8 |3. 3 |4. 86 | |1. 07365 |0. 88 |0. 925714 | |24/03/2010 |4891. 5 |3. 37 |4. 96 | |1. 077328 |0. 898667 |0. 944762 | |25/03/2010 |4885. 4 |3. 33 |4. 96 | |1. 075984 |0. 888 |0. 944762 | |26/03/2010 |4896. 9 |3. 37 |5. 01 | |1. 078517 |0. 898667 |0. 954286 | |29/03/2010 |4897. 3 |3. 38 |4. 85 | |1. 078605 |0. 901333 |0. 92381 | |30/03/2010 |4916. 8 |3. 37 |4. 85 | |1. 829 |0. 898667 |0. 92381 | |31/03/2010 |4875. 5 |3. 35 |4. 75 | |1. 073804 |0. 893333 |0. 904762 | |1/04/2010 |4907. 7 |3. 32 |4. 72 | |1. 080896 |0. 885333 |0. 899048 | |6/04/2010 |4953. 7 |3. 36 |4. 75 | |1. 091027 |0. 896 |0. 904762 | |7/04/2010 |4960. 9 |3. 34 |4. 74 | |1. 092613 |0. 890667 |0. 902857 | |8/04/2010 |4937. 9 |3. 35 |4. 69 | |1. 087547 |0. 893333 |0. 893333 | |9/04/2010 |4948. 1 |3. 35 |4. 7 | |1. 089794 |0. 893333 |0. 895238 | |12/04/2010 |4984. 3 |3. 32 |4. 7 | |1. 097767 |0. 885333 |0. 895238 | |13/04/2010 |4951. 6 |3. 22 |4. 57 | |1. 090565 |0. 858667 |0. 870476 | |14/04/2010 |4994. 7 |3. 25 |4. 68 | |1. 100057 |0. 866667 |0. 91429 | |15/04/2010 |5001. 9 |3. 22 |4. 54 | |1. 101643 |0. 858667 |0. 864762 | |16/04/2010 |4984. 7 |3. 19 |4. 56 | |1. 097855 |0. 850667 |0. 868571 | |19/04/2010 |4915. 1 |3. 16 |4. 53 | |1. 082526 |0. 842667 |0. 862857 | |20/04/2010 |4925. 8 |3. 13 |4. 49 | |1. 084882 |0. 834667 |0. 855238 | |21/04/2010 |4954. 3 |3. 13 |4. 5 | |1. 091159 |0. 834667 |0. 857143 | |22/04/2010 |4907. 4 |3. 12 |4. 54 | |1. 08083 |0. 832 |0. 864762 | |23/04/2010 |4881. 5 |3. 16 |4. 62 | |1. 075126 |0. 842667 |0. 88 | |27/04/2010 |4880 |3. 21 |4. 75 | |1. 074795 |0. 856 |0. 904762 | |28/04/2010 |4822. 8 |3. 15 |4. 72 | |1. 062197 |0. 84 |0. 899048 | |29/04/2010 |4785. 6 |3. 8 |4. 69 | |1. 054004 |0. 848 |0. 893333 | |30/04/2010 |4807. 4 |3. 25 |4. 69 | |1. 058805 |0. 866667 |0. 893333 | |3/05/2010 |4785. 5 |3. 29 |4. 68 | |1. 053982 |0. 877333 |0. 891429 | |4/05/2010 |4737. 1 |3. 29 |4. 65 | |1. 043322 |0. 877333 |0. 885714 | |5/05/2010 |4674 |3. 23 |4. 57 | |1. 029425 |0. 861333 |0. 870476 | |6/05/2010 |4573. 2 |3. 16 |4. 46 | |1. 007224 |0. 842667 |0. 849524 | |7/05/2010 |4480. 7 |3. 12 |4. 43 | |0. 986851 |0. 832 |0. 84381 | |10/05/2010 |4599. 8 |3. 09 |4. 43 | |1. 013083 |0. 824 |0. 84381 | |11/05/2010 |4548 |3. 07 |4. 39 | |1. 001674 |0. 818667 |0. 83619 | |12/05/2010 |4573 |3. 06 |4. 42 | |1. 00718 |0. 816 |0. 41905 | |13/05/2010 |4652. 8 |3. 1 |4. 48 | |1. 024756 |0. 826667 |0. 853333 | |14/05/2010 |4611. 1 |3. 11 |4. 43 | |1. 015571 |0. 829333 |0. 84381 | |17/05/2010 |4467. 2 |2. 99 |4. 26 | |0. 983878 |0. 797333 |0. 811429 | |18/05/2010 |4470. 7 |3. 1 |4. 27 | |0. 984649 |0. 826667 |0. 813333 | |19/05/2010 |4387. 1 |3. 05 |4. 29 | |0. 966236 |0. 813333 |0. 817143 | |20/05/2010 |4316. 5 |3. 02 |4. 22 | |0. 950687 |0. 805333 |0. 80381 | |21/05/2010 |4305. 4 |2. 97 |4. 19 | |0. 948242 |0. 792 |0. 798095 | |24/05/2010 |4395. 4 |3 |4. 26 | |0. 968064 |0. 8 |0. 811429 | |25/05/2010 |4265. 3 |2. 98 |4. 27 | |0. 939411 |0. 794667 |0. 813333 | |26/05/2010 |4307. 2 |3. 09 |4. 7 | |0. 948639 |0. 824 |0. 813333 | |27/05/2010 |4379. 2 |3. 09 |4. 24 | |0. 964497 |0. 824 |0. 807619 | |28/05/2010 |4457. 5 |3. 21 |4. 4 | |0. 981742 |0. 856 |0. 838095 | |31/05/2010 |4429. 7 |3. 16 |4. 4 | |0. 975619 |0. 842667 |0. 838095 | |1/06/2010 |4413. 1 |3. 17 |4. 41 | |0. 971963 |0. 845333 |0. 84 | |2/06/2010 |4381 |3. 13 |4. 33 | |0. 964893 |0. 834667 |0. 824762 | |3/06/2010 |4486 |3. 16 |4. 32 | |0. 988019 |0. 842667 |0. 822857 | |4/06/2010 |4449. 4 |3. 13 |4. 33 | |0. 979958 |0. 834667 |0. 824762 | |7/06/2010 |4325. 9 |3. 07 |4. 22 | |0. 952757 |0. 818667 |0. 80381 | |8/06/2010 |4381. 2 |3. 04 |4. 23 | |0. 964937 |0. 810667 |0. 05714 | |9/06/2010 |4385. 3 |3. 07 |4. 25 | |0. 96584 |0. 818667 |0. 809524 | |10/06/2010 |4435. 3 |3. 08 |4. 39 | |0. 976852 |0. 821333 |0. 83619 | |11/06/2010 |4505. 5 |3. 09 |4. 45 | |0. 992313 |0. 824 |0. 847619 | |15/06/2010 |4505 |3. 13 |4. 49 | |0. 992203 |0. 834667 |0. 855238 | |17/06/2010 |4527. 3 |3. 2 |4. 51 | |0. 997115 |0. 853333 |0. 859048 | |18/06/2010 |4551. 9 |3. 17 |4. 49 | |1. 002533 |0. 845333 |0. 855238 | |21/06/2010 |4612. 6 |3. 22 |4. 47 | |1. 015902 |0. 858667 |0. 851429 | |22/06/2010 |4558. 3 |3. 25 |4. 41 | |1. 003942 |0. 866667 |0. 84 | |23/06/2010 |4486. 1 |3. 28 |4. 38 | |0. 988041 |0. 874667 |0. 834286 | |24/06/2010 |4479. |3. 27 |4. 4 | |0. 986631 |0. 872 |0. 838095 | |25/06/2010 |4413 |3. 29 |4. 33 | |0. 971941 |0. 877333 |0. 824762 | |28/06/2010 |4384. 5 |3. 24 |4. 31 | |0. 965664 |0. 864 |0. 820952 | |29/06/2010 |4345. 7 |3. 25 |4. 25 | |0. 957118 |0. 866667 |0. 809524 | |30/06/2010 |4301. 5 |3. 22 |4. 31 | |0. 947383 |0. 858667 |0. 820952 | |1/07/2010 |4237. 5 |3. 16 |4. 25 | |0. 933288 |0. 842667 |0. 809524 | |2/07/2010 |4238. 7 |3. 16 |4. 36 | |0. 933552 |0. 842667 |0. 830476 | |5/07/2010 |4222. 1 |3. 17 |4. 37 | |0. 929896 |0. 845333 |0. 832381 | |6/07/2010 |4276. 1 |3. 24 |4. 42 | |0. 941789 |0. 864 |0. 841905 | |7/07/2010 |4254. 6 |3. 26 |4. 38 | |0. 37054 |0. 869333 |0. 834286 | |8/07/2010 |4356. 9 |3. 25 |4. 51 | |0. 959585 |0. 866667 |0. 859048 | |9/07/2010 |4396. 3 |3. 33 |4. 49 | |0. 968263 |0. 888 |0. 855238 | |12/07/2010 |4409. 9 |3. 32 |4. 48 | |0. 971258 |0. 885333 |0. 853333 | |13/07/2010 |4380. 3 |3. 35 |4. 5 | |0. 964739 |0. 893333 |0. 857143 | |14/07/2010 |4462. 4 |3. 35 |4. 59 | |0. 982821 |0. 893333 |0. 874286 | |15/07/2010 |4442. 6 |3. 41 |4. 66 | |0. 97846 |0. 909333 |0. 887619 | |16/07/2010 |4422. 7 |3. 43 |4. 62 | |0. 974077 |0. 914667 |0. 88 | |19/07/2010 |4358. 3 |3. 44 |4. 55 | |0. 959893 |0. 917333 |0. 866667 | |20/07/2010 |4403. 6 |3. 41 |4. 57 | |0. 96987 |0. 909333 |0. 70476 | |21/07/2010 |4412. 7 |3. 43 |4. 59 | |0. 971875 |0. 914667 |0. 874286 | |22/07/2010 |4374. 7 |3. 41 |4. 61 | |0. 963505 |0. 909333 |0. 878095 | |23/07/2010 |4458. 4 |3. 42 |4. 74 | |0. 98194 |0. 912 |0. 902857 | |26/07/2010 |4486. 1 |3. 47 |4. 68 | |0. 988041 |0. 925333 |0. 891429 | |27/07/2010 |4497. 4 |3. 41 |4. 7 | |0. 990529 |0. 909333 |0. 895238 | |28/07/2010 |4529. 9 |3. 41 |4. 73 | |0. 997687 |0. 909333 |0. 900952 | |29/07/2010 |4524. 1 |3. 41 |4. 8 | |0. 99641 |0. 909333 |0. 914286 | |30/07/2010 |4493. 5 |3. 43 |4. 8 | |0. 989671 |0. 914667 |0. 914286 | |2/08/2010 |4541. 6 |3. 45 |4. 76 | |1. 000264 |0. 92 |0. 906667 | |3/08/2010 |4571. 6 |3. 45
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Myer Investment Analysis. (2017, Sep 18). Retrieved March 29, 2024 , from
https://studydriver.com/myer-investment-analysis/

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