Harvey Norman Holdings Ltd.

Harvey Norman Holdings is engaged in integrated retail, franchise, property and digital system. Co.'s business activities include: franchisor; sale of furniture, bedding, computers, communications and consumer electrical products in New Zealand, Singapore, Malaysia, Slovenia, Ireland, Northern Ireland and Croatia; property investment; lessor of premises to Harvey Norman®, Domayne® and Joyce Mayne® franchisees and other third parties; media placement; and provision of consumer finance and other commercial advances.
  • TickerHVN
  • ISINAU000000HVN7
  • ExchangeAustralian Securities Exchange
  • SectorGeneral Retailers
  • CountryAustralia

Analysts

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish Developed Markets Stocks

Favor EAFE over EM The U.S. dollar remains elevated and as long as this remains the case we believe developed international equities (EAFE) will continue to outperform relative to emerging markets (MSCI EM)... see charts below. Below we highlight attractive and actionable themes within developed international: • Australia. Australia's All Ordinaries index exhibits bullish price and RS trends, a rarity when it comes to global markets considering most country-specific indexes display neutral or negative price trends. We highlight several Australian names, and would use recent broad market weak...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Not too bullish, not too bearish Despite several indexes recently touching new 52+ week highs, broad global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM) remain near logical resistance, and indicators continue to send mixed signals. As a result we are hesitant to get too bullish or bearish. Instead we want to focus on Sector/Group/industry themes where we bottoming price and RS, or attractive pullback opportunities within established price and RS uptrends. Below we highlight some of these themes along with indicators that support our overall constructive -- yet tempered -- outlook. • Positiv...

With a more favourable environment, HARVEY NORMAN HDG.LTD. improves to Slightly Positive

HARVEY NORMAN HDG.LTD. (AU), a company active in the Broadline Retailers industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date July 9, 2019, the closing price was AUD 4.13 and its potential was estimated at AUD 4.69.

Johannes Faul

Morningstar | Harvey Norman’s Property Portfolio to Contribute Less to Earnings Growth. FVE Lowered to AUD 3.20

We’ve lowered our earnings estimates for no-moat Harvey Norman’s portfolio segment, because we predict steady declines in footfall to impede on meaningful rent increases. We have cut our long-term rental growth forecast and now expect flat rental income over the next decade, from an already cautious 2.5% average growth rate previously. Our fair value estimate decreases by 6% to AUD 3.20 per share. Many retailers are rationalising their store networks, such as Target, Big W, and Myer, and even Coles is aiming for a more measured store rollout following its recent investor day. Other retailers ...

Johannes Faul

Morningstar | Harvey Norman’s Property Portfolio to Contribute Less to Earnings Growth. FVE Lowered to AUD 3.20. See Updated Analyst Note from 02 Jul 2019

We’ve lowered our earnings estimates for no-moat Harvey Norman’s portfolio segment, because we predict steady declines in footfall to impede on meaningful rent increases. We have cut our long-term rental growth forecast and now expect flat rental income over the next decade, from an already cautious 2.5% average growth rate previously. Our fair value estimate decreases by 6% to AUD 3.20 per share. Many retailers are rationalising their store networks, such as Target, Big W, and Myer, and even Coles is aiming for a more measured store rollout following its recent investor day. Other retailers ...

Johannes Faul

Morningstar | Harvey Norman’s Property Portfolio to Contribute Less to Earnings Growth. FVE Lowered to AUD 3.20

We’ve lowered our earnings estimates for no-moat Harvey Norman’s portfolio segment, because we predict steady declines in footfall to impede on meaningful rent increases. We have cut our long-term rental growth forecast and now expect flat rental income over the next decade, from an already cautious 2.5% average growth rate previously. Our fair value estimate decreases by 6% to AUD 3.20 per share. Many retailers are rationalising their store networks, such as Target, Big W, and Myer, and even Coles is aiming for a more measured store rollout following its recent investor day. Other retailers ...

Johannes Faul

Morningstar | Harvey Norman’s Property Portfolio to Contribute Less to Earnings Growth. FVE Lowered to AUD 3.20. See Updated Analyst Note from 02 Jul 2019

We’ve lowered our earnings estimates for no-moat Harvey Norman’s portfolio segment, because we predict steady declines in footfall to impede on meaningful rent increases. We have cut our long-term rental growth forecast and now expect flat rental income over the next decade, from an already cautious 2.5% average growth rate previously. Our fair value estimate decreases by 6% to AUD 3.20 per share. Many retailers are rationalising their store networks, such as Target, Big W, and Myer, and even Coles is aiming for a more measured store rollout following its recent investor day. Other retailers ...

Johannes Faul

Harvey Norman’s Property Portfolio to Contribute Less to Earnings Growth. FVE Lowered to AUD 3.20

We’ve lowered our earnings estimates for no-moat Harvey Norman’s portfolio segment, because we predict steady declines in footfall to impede on meaningful rent increases. We have cut our long-term rental growth forecast and now expect flat rental income over the next decade, from an already cautious 2.5% average growth rate previously. Our fair value estimate decreases by 6% to AUD 3.20 per share. Many retailers are rationalising their store networks, such as Target, Big W, and Myer, and even Co...

Johannes Faul

Morningstar | Harvey Norman’s Franchisees Lose Market Share as Overseas Operations Benefit From Flagship Stores

No-moat rated Harvey Norman’s first-half sales and profit growth tracked below our prior full-year expectations, and we’ve slightly downgraded our near-term outlook. After a slow first half in the core Australian franchising operation, we expect the remainder of fiscal 2019 to be challenging as consumers grapple with relatively sluggish wage growth, a weakening housing market, and associated negative wealth effect as well as uncertainty around the upcoming Australian federal elections in May 2019. Overseas, the smaller company-owned operations fared much better, but sales growth was still belo...

Johannes Faul

Morningstar | Harvey Norman’s Franchisees Lose Market Share as Overseas Operations Benefit From Flagship Stores. See Updated Analyst Note from 28 Feb 2019

No-moat rated Harvey Norman’s first-half sales and profit growth tracked below our prior full-year expectations, and we’ve slightly downgraded our near-term outlook. After a slow first half in the core Australian franchising operation, we expect the remainder of fiscal 2019 to be challenging as consumers grapple with relatively sluggish wage growth, a weakening housing market, and associated negative wealth effect as well as uncertainty around the upcoming Australian federal elections in May 2019. Overseas, the smaller company-owned operations fared much better, but sales growth was still belo...

7 directors sold

Seven Directors at Harvey Norman Holdings Limited sold 1,759,191 shares at between 3.108AUD and 3.177AUD. The significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted ...

With a more favourable environment, HARVEY NORMAN HDG.LTD. improves to Slightly Positive

HARVEY NORMAN HDG.LTD. (AU), a company active in the Broadline Retailers industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date July 9, 2019, the closing price was AUD 4.13 and its potential was estimated at AUD 4.69.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish Developed Markets Stocks

Favor EAFE over EM The U.S. dollar remains elevated and as long as this remains the case we believe developed international equities (EAFE) will continue to outperform relative to emerging markets (MSCI EM)... see charts below. Below we highlight attractive and actionable themes within developed international: • Australia. Australia's All Ordinaries index exhibits bullish price and RS trends, a rarity when it comes to global markets considering most country-specific indexes display neutral or negative price trends. We highlight several Australian names, and would use recent broad market weak...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Not too bullish, not too bearish Despite several indexes recently touching new 52+ week highs, broad global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM) remain near logical resistance, and indicators continue to send mixed signals. As a result we are hesitant to get too bullish or bearish. Instead we want to focus on Sector/Group/industry themes where we bottoming price and RS, or attractive pullback opportunities within established price and RS uptrends. Below we highlight some of these themes along with indicators that support our overall constructive -- yet tempered -- outlook. • Positiv...

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