Market Wrap - Stock Pick — Mr Price Group

Steven Schultz from Momentum chose Mr Price Group Ltd as his stock pick of the day

"So I think sometimes it does pay to swim with the current, and by that measure I'm looking at Mr Price. This retailer has also been hard hit over the past year, it is no secret that the consumer is under massive pressure and as a result they have had negative performance so far this year so year to date they are down around 9%. The company has an exceptionally strong balance sheet, low levels of debt, low credit extension and great management. Our baseline at Momentum Securities is that we are projecting a baseline increase of 12% per annum for the next two years which we think is pretty decent.