Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Harvey Norman Holdings Limited (HVN.AX)

Company Dividend Discount ModelIndustry: Department StoresSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$15.09 - $37.56$22.62
Multi-Stage$17.93 - $19.65$18.77
Blended Fair Value$20.70
Current Price$5.27
Upside292.74%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS-1.50%-1.09%0.240.220.300.350.380.260.270.210.280.21
YoY Growth--9.09%-27.87%-12.86%-7.89%46.81%-5.73%27.97%-22.50%29.26%-20.01%
Dividend Yield--4.55%5.25%8.75%9.42%6.92%7.30%6.96%6.71%7.53%4.83%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)870.47
(-) Cash Dividends Paid (M)573.16
(=) Cash Retained (M)297.31
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)174.09108.8165.29
Cash Retained (M)297.31297.31297.31
(-) Cash Required (M)-174.09-108.81-65.29
(=) Excess Retained (M)123.21188.50232.02
(/) Shares Outstanding (M)1,248.431,248.431,248.43
(=) Excess Retained per Share0.100.150.19
LTM Dividend per Share0.460.460.46
(+) Excess Retained per Share0.100.150.19
(=) Adjusted Dividend0.560.610.64
WACC / Discount Rate6.59%6.59%6.59%
Growth Rate2.79%3.79%4.79%
Fair Value$15.09$22.62$37.56
Upside / Downside186.37%329.24%612.77%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)870.47903.47937.73973.291,010.191,048.501,079.95
Payout Ratio65.85%70.68%75.51%80.34%85.17%90.00%92.50%
Projected Dividends (M)573.16638.54708.06781.92860.37943.65998.96

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.59%6.59%6.59%
Growth Rate2.79%3.79%4.79%
Year 1 PV (M)593.29599.06604.83
Year 2 PV (M)611.25623.20635.27
Year 3 PV (M)627.17645.66664.50
Year 4 PV (M)641.19666.51692.57
Year 5 PV (M)653.41685.81719.50
PV of Terminal Value (M)19,262.1520,217.5121,210.40
Equity Value (M)22,388.4523,437.7424,527.06
Shares Outstanding (M)1,248.431,248.431,248.43
Fair Value$17.93$18.77$19.65
Upside / Downside240.29%256.24%272.79%

High-Yield Dividend Screener

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