28/02/2025 17:30

Harvey Norman (HVN) $5.22

HVN +2.55%: Was a top performer on the ASX today (slim pickings) as 1H25 results impressed, the stock going against the grain and moving higher on stronger than expected franchise (store) earnings and solid sales momentum into 2H. 

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28/02/2025 09:48

Harvey Norman Ltd (HVN) $5.09

When you walk into HVN, the first thing you see is furniture, although they have a diverse revenue mix which is very exposed to the Australian consumers appetite to spend. Additionally, they should enjoy a tailwind from new products (e.g. AI across all computers & electrical) although the benefits look likely to be more long-term than near-term skewed.

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07/02/2025 09:15

Harvey Norman (HVN) $5.31

The Australian consumer is getting more confident as rate cuts get increasingly more press, if we see mortgages drop by anywhere near to 1% it will release plenty of spending capacity back into the economy.

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19/09/2024 09:19

Harvey Norman Ltd (HVN) $4.83

We have slowly warmed to HVN over recent months on valuation grounds, although we still prefer JBH as a business. We cannot ignore the price side of the equation, and after gaining +15% year-to-date compared to JBH’s +51%, it's easy to see its comparative appeal.

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03/09/2024 17:27

Harvey Norman (HVN) $4.68

HVN +1.74%:  Has been a big underperformer relative to some of the other discretionary retailers YTD, up 12% versus JB Hi-Fi (JBH) up 54%. A better share price performance from JBH is justified given their better financial performance

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13/08/2024 09:44

Harvey Norman Ltd (HVN) $4.74

HVN has outperformed the ASX200 so far this year, but if we slip into a recession, it's likely to be one of the sector's major victims. We can see fresh 2024 highs into Christmas, but the risk/reward isn’t appealing around $4.75. The stock is trading on the mildly expensive side, though if we get rate cuts for the right reasons, the outlook for discretionary spending, plus their all-important property portfolio will improve materially.

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28/06/2024 09:40

Harvey Norman Ltd (HVN) $4.24

HVN plunged more than 8% after this week's hawkish CPI, testing new six-month lows. The company recently said that the 13 interest rate hikes had curbed spending, with another one or two likely to hammer consumer confidence and purchases of big-ticket items sold by HVN. For example, we can all wait for new furniture.

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09/05/2024 17:01

Retailers under the pump today…

A tough day for the majority of discretionary retailers with JB Hi-Fi (JBH) -4.54%, Super Retail (SUL) -5.45%, Temple & Webster (TPW) -17.91%, Baby Bunting (BBN) -23.42%, Premier Investments (PMV) -3.42%, Harvey Norman (HVN) -3.84%, Lovisa (LOV) -0.93% and Nick Scali (NCK) -4.54% all getting sold off

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26/04/2024 09:21

Harvey Norman Ltd (HVN) $4.57

HVN delivered an okay result in March, with revenue matching expectations and margins better than feared. The company's Profit Before Tax (PBT) was $289m, a 12% beat to expectations, an encouraging turnaround for the business after a challenging time for the franchising operations. HVN is expected to expand into England in late CY24E, which, if executed correctly, will add value to the business – a similar ambition to Nick Scali (NCK), which we will look at later.

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08/03/2024 09:03

Harvey Norman Ltd (HVN) $4.88

HVN has tried to break above $5 following its better than feared half-year report. Revenue matched expectations, while margins were better than hoped, driving Profit Before Tax (PBT) of $289m, a 12% beat to expectations.

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