MICHAEL HILL INTERNATIONAL LIMITED (MHJ)
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MHJ - MICHAEL HILL INTERNATIONAL LIMITED

FNArena Sector : Luxury
Year End: June
GICS Industry Group : Consumer Durables & Apparel
Debt/EBITDA: 1.51
Index: ALL-ORDS

LAST PRICE CHANGE +/- CHANGE % VOLUME

$0.59

22 Jul
2024

0.005

OPEN

$0.57

0.85%

HIGH

$0.59

179,042

LOW

$0.57

TARGET
$0.735 24.6% upside
Franking for last dividend paid out: 0%
OTHER COMPANIES IN THE SAME SECTOR
TWE .
FNARENA'S MARKET CONSENSUS FORECASTS
MHJ: 1
Title FY22
Actual		 FY23
Actual		 FY24
Forecast		 FY25
Forecast
EPS (cps) xxx 9.2 - 0.1 xxx
DPS (cps) xxx 7.5 1.8 xxx
EPS Growth xxx - 23.5% N/A xxx
DPS Growth xxx 0.0% - 76.0% xxx
PE Ratio xxx N/A N/A xxx
Dividend Yield xxx N/A 3.1% xxx
Div Pay Ratio(%) xxx 81.5% N/A xxx

Dividend yield today if purchased 3 years ago: 8.52%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 12.82

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: 07/03 - ex-div 1.75c (franking 0%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2024 FactSet UK Limited. All rights reserved
Title 201820192020202120222023
EPS Basic xxxxxxxxxxxxxxx9.2
DPS All xxxxxxxxxxxxxxx7.5
Sales/Revenue xxxxxxxxxxxxxxx629.6 M
Book Value Per Share xxxxxxxxxxxxxxx49.7
Net Operating Cash Flow xxxxxxxxxxxxxxx80.1 M
Net Profit Margin xxxxxxxxxxxxxxx5.59 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201820192020202120222023
Return on Capital Employed xxxxxxxxxxxxxxx18.34 %
Return on Invested Capital xxxxxxxxxxxxxxx11.63 %
Return on Assets xxxxxxxxxxxxxxx6.65 %
Return on Equity xxxxxxxxxxxxxxx18.34 %
Return on Total Capital xxxxxxxxxxxxxxx16.09 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx22.9 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 201820192020202120222023
Short-Term Debt xxxxxxxxxxxxxxx41 M
Long Term Debt xxxxxxxxxxxxxxx130 M
Total Debt xxxxxxxxxxxxxxx171 M
Goodwill - Gross xxxxxxxxxxxxxxx18 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx21 M
Price To Book Value xxxxxxxxxxxxxxx1.80

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201820192020202120222023
Capex xxxxxxxxxxxxxxx34.3 M
Capex % of Sales xxxxxxxxxxxxxxx5.44 %
Cost of Goods Sold xxxxxxxxxxxxxxx451 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx123 M
Research & Development xxxxxxxxxxxxxxx0 M
Investments - Total xxxxxxxxxxxxxxx0 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

2
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Citi

22/07/2024

3

Neutral

$0.66

11.86%

Michael Hill's pre-reported FY24 revenue of $641m missed Citi's forecast by -3%, while earnings guidance implies a loss of between -$5-6m, when the broker had anticipated no loss.

While heavy promotions in the 2H drove around -370bps of gross profit margin contraction, the broker expects a rebound in FY25 on lower clearance activity.

Despite a -33% downgrade to the broker's FY24 earnings (EBIT) forecast (small numbers involved exaggerated the percentage change), the Neutral rating and 66c target are unchanged.

FORECAST
Citi forecasts a full year FY24 dividend of 1.80 cents and EPS of 0.30 cents.
Citi forecasts a full year FY25 dividend of 3.40 cents and EPS of 3.70 cents.
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

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

27/05/2024

2

Overweight

-

-

Jarden analysts maintain their Overweight rating for Michael Hill International but reduce the price target to NZ$0.72 from NZ$1.05 as the jeweler faces a challenging retail environment.

As per the broker, group sales for the first 45 weeks of FY24 are up 4.7% y/y, but core Michael Hill brand sales are estimated to be down around -6%.

According to the latest trading update, New Zealand sales are down -11.1% y/y, and Australia’s core Michael Hill brand sales are also negative.

The broker adds Bevilles has underperformed initial expectations. Canada remains the standout market with sales down slightly by -0.4% y/y. EPS forecasts for FY24-26 have been significantly lowered by -72%, -50.7%, and -33.7%, respectively.

FORECAST
Jarden forecasts a full year FY24 dividend of 1.80 cents and EPS of 1.40 cents.
Jarden forecasts a full year FY25 dividend of 2.50 cents and EPS of 3.70 cents.
Access Stockbroker Research History >

MHJ STOCK CHART

FNArena News on MHJ

1
Rudi’s View: It’s Special vs Cheap, But Who’s Most At Risk?

May 29 2024 - Rudi's View
2
Australian Broker Call *Extra* Edition – May 27, 2024

May 27 2024 - Daily Market Reports
3
Weekly Ratings, Targets, Forecast Changes – 24-05-24

May 27 2024 - Weekly Reports
4
Rudi’s View: Rate Cuts Equal Optimism

May 22 2024 - Rudi's View
5
Australian Broker Call *Extra* Edition – Mar 07, 2024

Mar 07 2024 - Daily Market Reports

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