Harvey Norman’s Core Business Feels Margin Pain Despite Strong Sales Growth; 3.40 FVE Unchanged
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...
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.
We have operations in 27 countries.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.