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.
- We like HVN back around $4.40, similar to JBH, around 4% lower.
MM is cautiously bullish on HVN around $4.40
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