HARVEY NORMAN HOLDINGS LIMITED (HVN)
Share Price Analysis and Chart

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HVN - HARVEY NORMAN HOLDINGS LIMITED

FNArena Sector : Consumer Electronics
Year End: June
GICS Industry Group : Retailing
Debt/EBITDA: 2.81
Index: ASX200 | ASX300 | ALL-ORDS

Harvey Norman is a multinational retailer of household products, electronics and consumer electrical goods. The present company formed in 1982 and listed on the ASX in 1987.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$4.72

22 Nov
2024

0.050

OPEN

$4.72

1.07%

HIGH

$4.72

1,264,476

LOW

$4.67

TARGET
$4.95 4.9% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
AMS . AUA . JBH .
FNARENA'S MARKET CONSENSUS FORECASTS
HVN: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 28.3 32.4 xxx
DPS (cps) xxx 22.0 25.6 xxx
EPS Growth xxx - 34.7% 14.4% xxx
DPS Growth xxx - 12.0% 16.2% xxx
PE Ratio xxx N/A 14.6 xxx
Dividend Yield xxx N/A 5.4% xxx
Div Pay Ratio(%) xxx 77.8% 79.0% xxx

Dividend yield today if purchased 3 years ago: 4.31%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 4.66

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 15/10 - ex-div 12c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2024 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx28.3
DPS All xxxxxxxxxxxxxxx22.0
Sales/Revenue xxxxxxxxxxxxxxx3,921.9 M
Book Value Per Share xxxxxxxxxxxxxxx361.3
Net Operating Cash Flow xxxxxxxxxxxxxxx686.5 M
Net Profit Margin xxxxxxxxxxxxxxx8.99 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx7.89 %
Return on Invested Capital xxxxxxxxxxxxxxx5.45 %
Return on Assets xxxxxxxxxxxxxxx4.52 %
Return on Equity xxxxxxxxxxxxxxx7.89 %
Return on Total Capital xxxxxxxxxxxxxxx9.56 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx220.3 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx237 M
Long Term Debt xxxxxxxxxxxxxxx2,043 M
Total Debt xxxxxxxxxxxxxxx2,280 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx273 M
Price To Book Value xxxxxxxxxxxxxxx1.15

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx192.2 M
Capex % of Sales xxxxxxxxxxxxxxx4.90 %
Cost of Goods Sold xxxxxxxxxxxxxxx2,097 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx1,181 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx4,476 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.5

No. Of Recommendations

6
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Citi

xx/xx/xxxx

1

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xx/xx/xxxx

5

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xx/xx/xxxx

1

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UBS

03/09/2024

1

Buy

$5.00

5.93%

Upon further review, UBS makes two points: the outlook for Franchisees looks better and the international operations, while under-appreciated by the market, are facing a tough consumer environment.

The broker has reduced its target to $5 from $5.50. Buy rating retained. Forecasts have been culled.

UBS's initial response:

Harvey Norman's pre-tax profit in FY24 was ahead of UBS estimates, underpinned by franchising operations. Higher tax meant net profit was below forecasts, largely stemming from a deferred tax increase in New Zealand.

Trading at the commencement of the first half has improved and the broker notes it is ahead of competitors The Good Guys and Nick Scali. Expansion in Hungary, that was planned for FY25, has ceased because of unfavourable conditions.

Store openings slated for FY25 include 10 in Malaysia, two in New Zealand, and two in Australia with an additional two relocations. A second store is slated for the UK in FY26. Buy rating and $5.50 target.

FORECAST
UBS forecasts a full year FY25 EPS of 33.00 cents.
UBS forecasts a full year FY26 EPS of 36.00 cents.

Ord Minnett

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

2

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

xx/xx/xxxx

2

xxxxxxx xx xxxxxxxxxx xxxx xxxxxxx

$xx.xx

xx.xx%

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Goldman Sachs

12/11/2024

5

Downgrade to Sell from Neutral

$4.00

-15.25%

Goldman Sachs has downgraded Harvey Norman to Sell from Neutral, reducing the target price to $4.00 from $4.50 ahead of the company's trading update.

The downgrade is based on the broker's expectations of market share losses in A&NZ due to increased competition from JB Hi-Fi ((JBH)) and Officeworks ((WES)), as well as lower anticipated earnings.

The broker's forecast earnings sit below consensus estimates by -8% to -13% for FY25 to FY27.

Goldman Sachs has revised valuation multiples down for A&NZ franchises and raised the cap rate for property valuation to 6.25%, citing a challenging macro environment.

FORECAST
Goldman Sachs forecasts a full year FY25 dividend of 25.00 cents and EPS of 30.00 cents.
Goldman Sachs forecasts a full year FY26 dividend of 26.00 cents and EPS of 32.00 cents.
Access Extra Coverage Research History >

HVN STOCK CHART

FNArena News on HVN

1
In Case You Missed It – BC Extra Upgrades & Downgrades – 15-11-24

Nov 15 2024 - Weekly Reports
2
Australian Broker Call *Extra* Edition – Nov 12, 2024

Nov 12 2024 - Daily Market Reports
3
In Brief: Retailers That Rock, James Hardie & Infomedia

Nov 08 2024 - Weekly Reports
4
Rudi’s View: Market Reflects Risk & Opportunities

Oct 09 2024 - Rudi's View
5
In Brief: Collins Food, Domino’s, Guzman y Gomez & Artrya

Oct 04 2024 - Weekly Reports

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