HARVEY NORMAN HOLDINGS LIMITED (HVN)
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HVN

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

$4.93

14 Apr
2025

0.020

OPEN

$4.92

0.41%

HIGH

$4.97

642,986

LOW

$4.90

TARGET
$5.175 5.0% 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 33.3 xxx
DPS (cps) xxx 22.0 24.3 xxx
EPS Growth xxx - 34.7% 17.7% xxx
DPS Growth xxx - 12.0% 10.3% xxx
PE Ratio xxx N/A 14.8 xxx
Dividend Yield xxx N/A 4.9% xxx
Div Pay Ratio(%) xxx 77.8% 72.9% xxx

Dividend yield today if purchased 3 years ago: 4.31%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 4.48

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 © 2025 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

0.3

No. Of Recommendations

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

Bell Potter

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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UBS

03/03/2025

3

Neutral

$5.25

6.49%

Further to the initial analysis of the first half result from Harvey Norman, UBS notes franchising operations were the main positive surprise, largely UK and Ireland. The negative was non-franchise retail.

The international outlook is considered mixed, with New Zealand not as bad as previously expected while UK losses are significant.

Malaysia remains a significant source of new store growth while fewer stores will be opened in FY25 and the planned for 80 stores are now forecast for FY30 not FY28.

Neutral retained. Target is $5.25.

FORECAST
UBS forecasts a full year FY25 dividend of 21.00 cents and EPS of 37.00 cents.
UBS forecasts a full year FY26 dividend of 23.00 cents and EPS of 35.00 cents.

Morgan Stanley

xx/xx/xxxx

5

xxxxxxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

4

xxxxxxxxx xx xxxxxxx xxxx xxxx

$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

xxxxxxxxxx

$xx.xx

xx.xx%

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Goldman Sachs

10/03/2025

5

Sell

$4.30

-12.78%

Harvey Norman's 1H was stronger-than-expected by Goldman Sachs, with group sales increasing by 1.9% year-on-year and profit before tax (PBT) rising by 10% compared to the previous year.

The Australian franchise performed well, posting 6% year-on-year sales growth, driven by strong momentum from Black Friday and Boxing Day sales, explains the broker.

New Zealand faced weaker results with a -4% drop in sales and an -8% decline in EBIT. Goldman Sachs has updated its financial forecasts, projecting steady sales growth of 2.1% over FY25-27.

Despite positive results in Australia, Goldman remains cautious about overall future growth prospects, citing rising competition and a lagging presence in omni-channel retailing.

The company faces stiff competition from online marketplaces like Amazon and offline players such as Officeworks, explains the broker.

Sell rating. Target rises to $4.30 from $4.10.

FORECAST
Goldman Sachs forecasts a full year FY25 dividend of 28.00 cents and EPS of 33.00 cents.
Goldman Sachs forecasts a full year FY26 dividend of 27.00 cents and EPS of 34.00 cents.
Access Extra Coverage Research History >

HVN STOCK CHART

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