Harvey Norman is under pressure as consumers increasingly move to online retailers.
We maintain our AUD 3.30 per share fair value estimate for Harvey Norman. We do not view the company as having an economic moat, mainly because the intensifying competition for the Australian consumer, in particular from the online channel, is eroding Harvey Norman's previous scale and cost advantages. The potential entry of U.S. e-commerce giant Amazon into the Australian market poses a material medium-term threat to Australian retailers, including Harvey Norman. In addition, following the acqu...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.
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