Company Valuation: Harvey Norman Holdings Limited

Data adjusted to current consolidation scope
Fiscal Period: June 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 4,623 4,336 5,196 6,566 6,006 5,134 - -
Change - -6.2% 19.83% 26.38% -8.54% -14.52% - -
Enterprise Value (EV) 1 6,278 6,297 7,202 8,583 8,293 6,871 6,873 6,887
Change - 0.29% 14.38% 19.17% -3.38% -17.15% 0.04% 0.2%
P/E 5.7x 8.05x 14.8x 12.7x 11.4x 11.9x 11.4x 10.7x
PBR 1.08x 0.98x 1.16x 1.37x 1.23x 1.03x 1x 0.98x
PEG - -0.2x -0.4x 0.3x 5.5x -0.6x 2.51x 1.73x
Capitalization / Revenue 1.03x 1.01x 1.26x 1.47x 1.28x 1.14x 1.08x 1.04x
EV / Revenue 1.39x 1.47x 1.75x 1.92x 1.77x 1.53x 1.45x 1.39x
EV / EBITDA 4.37x 5.57x 8.02x 7.6x 7.03x 6.88x 6.49x 6.18x
EV / EBIT 5.26x 7.26x 11x 9.85x 9.04x 9.44x 8.72x 8.26x
EV / FCF 14.7x 17.3x 19.6x 19.8x 32.3x 20.1x 17x 16.1x
FCF Yield 6.78% 5.8% 5.09% 5.05% 3.1% 4.99% 5.88% 6.22%
Dividend per Share 2 0.375 0.25 0.22 0.265 0.275 0.2568 0.2801 0.2928
Rate of return 10.1% 7.18% 5.28% 5.03% 5.71% 6.23% 6.8% 7.11%
EPS 2 0.6504 0.4323 0.2823 0.415 0.4236 0.3456 0.3613 0.3836
Distribution rate 57.7% 57.8% 77.9% 63.9% 64.9% 74.3% 77.5% 76.3%
Net sales 1 4,506 4,275 4,110 4,465 4,684 4,505 4,755 4,951
EBITDA 1 1,437 1,131 898.3 1,130 1,180 999.3 1,059 1,114
EBIT 1 1,193 867.7 652.7 871 917 728.1 787.9 833.5
Net income 1 811.5 539.5 352.5 518 528.5 436.4 459.7 477.8
Net Debt 1 1,655 1,960 2,006 2,016 2,287 1,737 1,740 1,754
Reference price 2 3.710 3.480 4.170 5.270 4.820 4.120 4.120 4.120
Nbr of stocks (in thousands) 1,246,007 1,246,007 1,246,007 1,246,007 1,246,007 1,246,007 - -
Announcement Date 30/08/22 30/08/23 29/08/24 28/08/25 27/08/26 - - -
1AUD in Million2AUD
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
19.52x3.3x12.6x-.--% 2,712B
27.59x1.98x14.42x3.14% 59.71B
9.69x0.08x3.48x3.95% 35.43B
-28.05x0.58x33.59x-.--% 25.52B
15.56x - - - 17.18B
16.4x1.42x9.65x3.08% 16.85B
63.22x5.6x29.88x0.19% 14.26B
33.66x2.4x16.78x0.76% 14.49B
-1377.45x1.18x18.39x0.01% 14.53B
Average -135.54x 2.07x 17.35x 1.39% 323.29B
Weighted average by Cap. 12.41x 3.20x 12.83x 0.14%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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  5. Valuation Harvey Norman Holdings Limited