Pacific Brands Limited (ASX: PBG) is a company that owns a bunch of established clothing and apparel brands. The company has suffered from the changing retail environment, in particular, the move towards in-house brands (such as Bonds and Berlei). The market is arguably too pessimistic about the company, pricing it for continuous decline. Accounting for a reducing dividend, the company will yield almost 10% this year, dropping to 8% in FY2015 at the current price of 50.5c. As with all the forecasts in this article, I'm using the Thompson Consensus Estimates, which may be wrong, but are usually reasonable.