Harvey Norman is under pressure as consumers increasingly move to online retailers.
No-moat-rated Harvey Norman’s Australian franchising business, accounting for just over half of group EBIT, is feeling the pinch from intense competition sooner than we had expected. Nevertheless, our already cautious long-term outlook for the group is unchanged. EBIT margin expansion in the Australian business is unlikely while Harvey Norman is protecting its market share via ongoing investments in the customer offering, including online. We maintain our fair value estimate of AUD 3.40 per shar...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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