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Harvey Norman Holdings Ltd - 2019 AGM

Jordan Baird

Jordan Baird is the head ASR Wealth Advisers client services desk and has been with the organisation since 2017. He first started investing in his early years. While he believes that investors should leave no stone unturned he has a particular interest in trading based on broad macroeconomic trends along with specific analysis of innovative up-and-coming companies.

Harvey Norman Holdings Ltd. (ASX: HVN) is a company that specialises in integrated retail, franchise, property and digital enterprise. Harvey Norman has a market capitalisation of A$5.3 billion.

Harvey Norman - 2019AGM

What are the key features of the 2019 AGM?

  • Reported profit before tax for FY19 is $574 million, up 8.4%.
  • Net assets of $3.2 billion, up 8.8% from the previous year.
  • Earnings per share is 34.70 cents, up 4.5%.
  • Dividend yield is 8.1% (based on the Harvey Norman share price of $4.07 and a dividend of 33 cents).

Harvey Norman’s management notes when compared to Aggregated Sales for the period 1 July 2018 to 31 October 2018, the increase was 2.0%.  Comparable Aggregated Sales for the period 1 July 2019 to 31 October 2019 when compared to the period 1 July 2018 to 31 October 2018, increased by 1.7%.

An overall all summary of aggregated sales for this period is shown below:

HVN - 2019 AGM

An important point for growth of Harvey Norman is the company’s expansion strategy into Malaysia. Harvey Norman management note that Malaysia’s economic growth has been on an upward trajectory since 2010 and that Malaysia is poised to enter the global middle class of developed nations by 2024. A total of 6 stores in Malaysia will be opening in the 2019 calendar year.

What is the market reaction?

The initial market reaction to Harvey Norman AGM was slightly negative. The share price is currently trading at $4.30. Harvey Norman has a forward P/E ratio in the low-teens and an annual dividend yield of 7.6%.

 


 

Disclaimer:

This article has been prepared by the Australian Stock Report Pty Ltd (AFSL: 301 682. ABN: 94 106 863 978)

(“ASR”). ASR is part of Amalgamated Australian Investment Group Limited (AAIG) (ABN: 81 140 208 288 Level 13, 130 Pitt Street, Sydney NSW 2000).

This article is provided for informational purpose only and does not purport to contain all matters relevant to any particular investment or financial instrument. Any market commentary in this communication is not intended to constitute “research” as defined by applicable regulations. Whilst information published on or accessed via this website is believed to be reliable, as far as permitted by law we make no representations as to its ongoing availability, accuracy or completeness. Any quotes or prices used herein are current at the time of preparation. This document and its contents are proprietary information and products of our firm and may not be reproduced or otherwise disseminated in whole or in part without our written consent unless required to by judicial or administrative proceeding. The ultimate decision to proceed with any transaction rests solely with you. We are not acting as your advisor in relation to any information contained herein. Any projections are estimates only and may not be realised in the future.

ASR has no position in any of the stocks mentioned.

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