Offshore Sales Save Harvey Norman Result
Furniture, white goods, and electronics retailer Harvey Norman will pay a steady interim dividend of 12 cents a share after an indifferent performance in the six months to December.
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News
“Agitators” Deliver Harvey Norman First Strike
Shareholders in retailer, Harvey Norman have delivered a first strike against the company’s board during a tense annual general meeting at which chair Gerry Harvey claimed critics of the retailer “totally friggen mad”.
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Harvey Norman Ends Dairy Misadventure
At least $50 million gone at Harvey Norman with no real explanation after its dairy investment, Coomboona Holdings went into receivership.
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Dairy Diversion Sours Harvey Norman
Harvey Norman confirmed yesterday that the fastest way to see shares fall on the ASX is to surprise the market with unexpected losses, write downs and talk of legal disputes.
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No, Harvey, No: HVN Sinks Despite Record Profit
Shares in Harvey Norman were given a whacking by investors yesterday who didn’t like the surprise news of a cut in dividend, the weak explanation for the decision, and the backdrop of record earnings.
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Analyst Views
HVN – Morgan Stanley rates the stock as Underweight
Harvey Norman Australian franchisee numbers deteriorated in September/October signalling to Morgan Stanley that the demand backdrop is soft.
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HVN – Credit Suisse rates the stock as Neutral
FY19 results missed forecasts. The company has announced an equity raising of $173m. Credit Suisse suspects this will exacerbate investor debates regarding gearing. The franchisee segment was affected by weaker profitability and also increased expenditure on compliance.
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HVN – UBS rates the stock as Neutral
After a tour of the Malaysian and Singaporean operations, UBS is more positive, increasingly confident in both store targets and margin upside. The broker lifts estimates for earnings per share by 1-2% for the group and Asian operating earnings forecasts (EBITDA) by 1-9%.
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HVN – UBS rates the stock as Downgrade
UBS found little to like in the first half result, which was softer than expected. Net debt was higher and the dividend disappointed. Comments regarding capital management suggest this is less likely in the near term.
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HVN – UBS rates the stock as Buy
Australian franchisee sales are up 4.8% and UBS finds the top line trends particularly pleasing in the context of weaker retail conditions. Elsewhere, like-for-like sales were strong.
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