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...
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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