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: 2.67
Index: ALL-ORDS

LAST PRICE CHANGE +/- CHANGE % VOLUME

$0.49

04 Oct
2024

-0.005

OPEN

$0.50

-1.01%

HIGH

$0.50

5,891

LOW

$0.48

TARGET
$0.57 16.3% upside
Franking for last dividend paid out: 0%
OTHER COMPANIES IN THE SAME SECTOR
TWE .
FNARENA'S MARKET CONSENSUS FORECASTS
MHJ: 1
Title FY23
Actual
FY24
Actual
FY25
Forecast
FY26
Forecast
EPS (cps) xxx - 0.1 3.5 xxx
DPS (cps) xxx 0.0 2.9 xxx
EPS Growth xxx N/A N/A xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 13.9 xxx
Dividend Yield xxx N/A 6.0% xxx
Div Pay Ratio(%) xxx N/A 84.1% xxx

Dividend yield today if purchased 3 years ago: 0.00%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

0.00

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 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx-0.1
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx644.9 M
Book Value Per Share xxxxxxxxxxxxxxx43.4
Net Operating Cash Flow xxxxxxxxxxxxxxx37.8 M
Net Profit Margin xxxxxxxxxxxxxxx-0.07 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx-0.27 %
Return on Invested Capital xxxxxxxxxxxxxxx-0.15 %
Return on Assets xxxxxxxxxxxxxxx-0.09 %
Return on Equity xxxxxxxxxxxxxxx-0.27 %
Return on Total Capital xxxxxxxxxxxxxxx3.12 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-3.5 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 xxxxxxxxxxxxxxx40 M
Long Term Debt xxxxxxxxxxxxxxx173 M
Total Debt xxxxxxxxxxxxxxx213 M
Goodwill - Gross xxxxxxxxxxxxxxx19 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx20 M
Price To Book Value xxxxxxxxxxxxxxx1.04

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx27.6 M
Capex % of Sales xxxxxxxxxxxxxxx4.28 %
Cost of Goods Sold xxxxxxxxxxxxxxx505 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx128 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%

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Citi

03/09/2024

3

Neutral

$0.57

16.33%

Michael Hill's FY24 results on August 30 highlighted to Citi the re-positioning of the business with a multi-brand strategy. Management is targeting higher margin products, and a new brand is in a trial phase.

Management's FY25 trading update looked promising for Australia and Canada, in the broker's view, but weakness in New Zealand
continues.

While the target falls to 57c from 66c on lower earnings (EBIT) forecasts across FY25 and FY26, the broker believes the business will be more resilient as the core brand resonates with customers. A path of store profitable store-rollout (Bevilles expansion) is also noted.

The Neutral rating is unchanged.

FORECAST
Citi forecasts a full year FY25 dividend of 2.50 cents and EPS of 2.60 cents.
Citi forecasts a full year FY26 dividend of 3.10 cents and EPS of 4.20 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

09/09/2024

2

Overweight

-

-

Jarden notes Michael Hill's group sales for the first eight weeks of FY25 turned positive, suggesting a turnaround from a very challenging FY24.

A&NZ were the weaker locations with Canada generating flat sales year-on-year for FY24 with some indication of market share gains.

In the first eight weeks same store sales grew 5% in Australia and 4% in Canada with NZ down -6.2%.

Gross margins came under pressure from discounting in May/June although sales picked up.

Management highlighted net new stores of -4 with FY25 capex expected to be lower as new store formats and products are "bedded down" for Bevilles.

Target price moves to NZ78c from NZ72c. Overweight rating unchanged.

FORECAST
Jarden forecasts a full year FY25 dividend of 2.50 cents and EPS of 3.70 cents.
Jarden forecasts a full year FY26 dividend of 5.50 cents and EPS of 7.50 cents.

MHJ STOCK CHART