New Risk • Jul 01
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: NZ$1.3m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 30
First half 2026 earnings released: EPS: NZ$0.47 (vs NZ$0.35 in 1H 2025) First half 2026 results: EPS: NZ$0.47 (up from NZ$0.35 in 1H 2025). Revenue: NZ$275.2m (up 15% from 1H 2025). Net income: NZ$28.0m (up 32% from 1H 2025). Profit margin: 10% (up from 8.8% in 1H 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Specialty Retail industry in Oceania. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Dec 11
Price target increased by 8.4% to NZ$10.78 Up from NZ$9.95, the current price target is an average from 3 analysts. New target price is 8.9% above last closing price of NZ$9.90. Stock is up 30% over the past year. The company is forecast to post earnings per share of NZ$0.78 for next year compared to NZ$0.66 last year. Announcement • Dec 10
Hallenstein Glasson Holdings Limited Appoints Peter Steenson as Director Hallenstein Glasson Holdings Limited at its AGM held on December 10, 2025 announced the appointment of Peter Steenson as a Director. Upcoming Dividend • Nov 27
Upcoming dividend of NZ$0.34 per share Eligible shareholders must have bought the stock before 04 December 2025. Payment date: 12 December 2025. Payout ratio is on the higher end at 83%, however this is supported by cash flows. Trailing yield: 5.8%. Within top quartile of New Zealander dividend payers (5.3%). Higher than average of industry peers (4.4%). Announcement • Nov 11
Hallenstein Glasson Holdings Limited, Annual General Meeting, Dec 10, 2025 Hallenstein Glasson Holdings Limited, Annual General Meeting, Dec 10, 2025. Location: at rydges latimer, 30 latimer square, christchurch New Zealand Recent Insider Transactions • Nov 07
Non-Executive Chairman recently sold NZ$301k worth of stock On the 5th of November, Warren Bell sold around 30k shares on-market at roughly NZ$10.04 per share. This transaction amounted to 46% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Warren has been a net seller over the last 12 months, reducing personal holdings by NZ$4.1m. Price Target Changed • Sep 30
Price target increased by 8.3% to NZ$10.10 Up from NZ$9.33, the current price target is an average from 2 analysts. New target price is 10% above last closing price of NZ$9.18. Stock is up 37% over the past year. The company is forecast to post earnings per share of NZ$0.78 for next year compared to NZ$0.66 last year. Declared Dividend • Sep 28
Final dividend of NZ$0.34 announced Shareholders will receive a dividend of NZ$0.34. Ex-date: 4th December 2025 Payment date: 12th December 2025 Dividend yield will be 6.7%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (61% earnings payout ratio) and cash flows (43% cash payout ratio). The dividend has increased by an average of 5.5% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 37% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Sep 26
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: NZ$0.66 (up from NZ$0.58 in FY 2024). Revenue: NZ$470.7m (up 8.1% from FY 2024). Net income: NZ$39.5m (up 14% from FY 2024). Profit margin: 8.4% (up from 7.9% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.3%. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Specialty Retail industry in Oceania. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • May 28
Non-Executive Chairman recently sold NZ$451k worth of stock On the 26th of May, Warren Bell sold around 59k shares on-market at roughly NZ$7.68 per share. This transaction amounted to 47% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth NZ$1.5m. Warren has been a net seller over the last 12 months, reducing personal holdings by NZ$3.8m. Recent Insider Transactions • May 09
Non-Executive Chairman recently sold NZ$365k worth of stock On the 5th of May, Warren Bell sold around 51k shares on-market at roughly NZ$7.11 per share. This transaction amounted to 16% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth NZ$1.5m. Warren has been a net seller over the last 12 months, reducing personal holdings by NZ$2.3m. Buy Or Sell Opportunity • May 06
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to NZ$7.61. The fair value is estimated to be NZ$9.60, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.1% over the last 3 years. Earnings per share has grown by 9.8%. For the next 3 years, revenue is forecast to grow by 4.4% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Recent Insider Transactions • Apr 29
Non-Executive Chairman recently sold NZ$120k worth of stock On the 24th of April, Warren Bell sold around 17k shares on-market at roughly NZ$7.03 per share. This transaction amounted to 5.1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth NZ$1.5m. Warren has been a net seller over the last 12 months, reducing personal holdings by NZ$1.9m. Recent Insider Transactions • Apr 17
Non-Executive Chairman recently sold NZ$1.5m worth of stock On the 10th of April, Warren Bell sold around 193k shares on-market at roughly NZ$7.72 per share. This transaction amounted to 37% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Warren has been a net seller over the last 12 months, reducing personal holdings by NZ$1.8m. Recent Insider Transactions • Apr 07
Non-Executive Chairman recently sold NZ$324k worth of stock On the 3rd of April, Warren Bell sold around 39k shares on-market at roughly NZ$8.25 per share. This transaction amounted to 7.0% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Warren's only on-market trade for the last 12 months. Buy Or Sell Opportunity • Apr 06
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.9% to NZ$8.04. The fair value is estimated to be NZ$10.21, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.1% over the last 3 years. Earnings per share has grown by 9.8%. For the next 3 years, revenue is forecast to grow by 4.4% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Reported Earnings • Apr 03
First half 2025 earnings released: EPS: NZ$0.35 (vs NZ$0.35 in 1H 2024) First half 2025 results: EPS: NZ$0.35 (in line with 1H 2024). Revenue: NZ$240.0m (up 7.7% from 1H 2024). Net income: NZ$21.2m (flat on 1H 2024). Profit margin: 8.8% (in line with 1H 2024). Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Specialty Retail industry in Oceania. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 9% per year. Declared Dividend • Mar 31
Final dividend of NZ$0.26 announced Shareholders will receive a dividend of NZ$0.26. Ex-date: 9th April 2025 Payment date: 17th April 2025 Dividend yield will be 6.8%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (87% earnings payout ratio) and cash flows (46% cash payout ratio). The dividend has increased by an average of 6.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 40% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Dec 12
Price target increased by 11% to NZ$8.53 Up from NZ$7.68, the current price target is an average from 2 analysts. New target price is 12% above last closing price of NZ$7.64. Stock is up 41% over the past year. The company is forecast to post earnings per share of NZ$0.69 for next year compared to NZ$0.58 last year. Upcoming Dividend • Nov 28
Upcoming dividend of NZ$0.30 per share Eligible shareholders must have bought the stock before 05 December 2024. Payment date: 13 December 2024. Payout ratio is on the higher end at 87%, however this is supported by cash flows. Trailing yield: 7.1%. Within top quartile of New Zealander dividend payers (6.0%). Higher than average of industry peers (5.6%). Announcement • Oct 22
Hallenstein Glasson Holdings Limited, Annual General Meeting, Dec 10, 2024 Hallenstein Glasson Holdings Limited, Annual General Meeting, Dec 10, 2024. Location: rydges latimer, 30 latimer square, christchurch New Zealand Declared Dividend • Oct 02
Final dividend of NZ$0.30 announced Shareholders will receive a dividend of NZ$0.30. Ex-date: 5th December 2024 Payment date: 13th December 2024 Dividend yield will be 8.0%, which is higher than the industry average of 6.9%. Sustainability & Growth The dividend has increased by an average of 3.7% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Reported Earnings • Oct 01
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: NZ$0.58 (up from NZ$0.54 in FY 2023). Revenue: NZ$435.6m (up 6.3% from FY 2023). Net income: NZ$34.5m (up 7.8% from FY 2023). Profit margin: 7.9% (up from 7.8% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.2%. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Specialty Retail industry in Oceania. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Major Estimate Revision • Oct 01
Consensus EPS estimates increase by 10% The consensus outlook for fiscal year 2025 has been updated. 2025 consensus EPS increased from NZ$0.606 to NZ$0.667. Revenues were reaffirmed at NZ$446.8m. Net income forecast to grow 16% next year vs 12% growth forecast for Specialty Retail industry in New Zealand. Consensus price target up from NZ$7.18 to NZ$7.48. Share price rose 11% to NZ$6.71 over the past week. Price Target Changed • Sep 06
Price target increased by 8.7% to NZ$7.18 Up from NZ$6.60, the current price target is an average from 2 analysts. New target price is 16% above last closing price of NZ$6.21. Stock is up 4.5% over the past year. The company is forecast to post earnings per share of NZ$0.56 for next year compared to NZ$0.54 last year. Recent Insider Transactions • Jun 15
Non-Executive Director recently sold NZ$899k worth of stock On the 10th of June, Timothy Glasson sold around 168k shares on-market at roughly NZ$5.35 per share. This transaction amounted to 1.4% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of NZ$1.0m more than they bought in the last 12 months. Board Change • May 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 5 highly experienced directors. Independent Non-Executive Director Jo Appleyard was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 01
First half 2024 earnings released: EPS: NZ$0.35 (vs NZ$0.35 in 1H 2023) First half 2024 results: EPS: NZ$0.35 (up from NZ$0.35 in 1H 2023). Revenue: NZ$223.0m (flat on 1H 2023). Net income: NZ$21.1m (up 1.5% from 1H 2023). Profit margin: 9.5% (in line with 1H 2023). Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Specialty Retail industry in Oceania. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Declared Dividend • Mar 31
Final dividend of NZ$0.019 announced Shareholders will receive a dividend of NZ$0.019. Ex-date: 10th April 2024 Payment date: 18th April 2024 Dividend yield will be 4.5%, which is lower than the industry average of 6.9%. Sustainability & Growth Dividend is covered by both earnings (89.5% earnings payout ratio) and cash flows (54% cash payout ratio). The dividend has increased by an average of 3.7% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share is expected to grow by 2.1% over the next 3 years, which should maintain adequate earnings cover for the dividend. Major Estimate Revision • Feb 28
Consensus EPS estimates increase by 35% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from NZ$397.1m to NZ$414.4m. EPS estimate increased from NZ$0.385 to NZ$0.519 per share. Net income forecast to shrink 3.5% next year vs 2.9% growth forecast for Specialty Retail industry in New Zealand . Consensus price target up from NZ$5.45 to NZ$6.35. Share price rose 2.1% to NZ$5.73 over the past week. Upcoming Dividend • Nov 30
Upcoming dividend of NZ$0.27 per share at 7.9% yield Eligible shareholders must have bought the stock before 07 December 2023. Payment date: 15 December 2023. Payout ratio is on the higher end at 90%, however this is supported by cash flows. Trailing yield: 7.9%. Within top quartile of New Zealander dividend payers (6.5%). Higher than average of industry peers (6.5%). Announcement • Oct 25
Hallenstein Glasson Holdings Limited, Annual General Meeting, Dec 12, 2023 Hallenstein Glasson Holdings Limited, Annual General Meeting, Dec 12, 2023. Location: Rydges Latimer, 30 Latimer Square Christchurch New Zealand Reported Earnings • Sep 29
Full year 2023 earnings: Revenues and EPS in line with analyst expectations Full year 2023 results: EPS: NZ$0.54 (up from NZ$0.43 in FY 2022). Revenue: NZ$409.7m (up 17% from FY 2022). Net income: NZ$32.0m (up 25% from FY 2022). Profit margin: 7.8% (up from 7.3% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 2.7% p.a. on average during the next 2 years, compared to a 5.3% growth forecast for the Specialty Retail industry in Oceania. Over the last 3 years on average, earnings per share has increased by 2% per year and the company’s share price has also increased by 2% per year. New Risk • Aug 28
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 12% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • May 16
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NZ$5.80, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 11x in the Specialty Retail industry in New Zealand. Total returns to shareholders of 101% over the past three years. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NZ$6.25, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 10x in the Specialty Retail industry in New Zealand. Total returns to shareholders of 115% over the past three years. Reported Earnings • Apr 01
First half 2023 earnings released: EPS: NZ$0.35 (vs NZ$0.20 in 1H 2022) First half 2023 results: EPS: NZ$0.35 (up from NZ$0.20 in 1H 2022). Revenue: NZ$223.3m (up 31% from 1H 2022). Net income: NZ$20.8m (up 75% from 1H 2022). Profit margin: 9.3% (up from 7.0% in 1H 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Dec 01
Upcoming dividend of NZ$0.24 per share Eligible shareholders must have bought the stock before 08 December 2022. Payment date: 16 December 2022. Payout ratio is on the higher end at 98%, however this is supported by cash flows. Trailing yield: 7.7%. Within top quartile of New Zealander dividend payers (6.0%). Higher than average of industry peers (6.0%). Announcement • Nov 12
Hallenstein Glasson Holdings Limited, Annual General Meeting, Dec 15, 2022 Hallenstein Glasson Holdings Limited, Annual General Meeting, Dec 15, 2022. Location: Rydges Latimer 30 Latimer Square Christchurch New Zealand Reported Earnings • Oct 01
Full year 2022 earnings released: EPS: NZ$0.43 (vs NZ$0.56 in FY 2021) Full year 2022 results: EPS: NZ$0.43 (down from NZ$0.56 in FY 2021). Revenue: NZ$351.2m (flat on FY 2021). Net income: NZ$25.6m (down 23% from FY 2021). Profit margin: 7.3% (down from 9.5% in FY 2021). Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 4% per year. Announcement • Sep 30
Hallenstein Glasson Holdings Limited Announces Full Year Distribution, Payable on December 16, 2022 Hallenstein Glasson Holdings Limited announced Full Year distribution of NZD 0.24000000. Record date is December 9, 2022. Ex-Date (one business day before the December 12, 2022. Record Date). Payment date is December 16, 2022. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NZ$5.03, the stock trades at a trailing P/E ratio of 11.8x. Average trailing P/E is 12x in the Specialty Retail industry in New Zealand. Total returns to shareholders of 27% over the past three years. Upcoming Dividend • Mar 30
Upcoming dividend of NZ$0.20 per share Eligible shareholders must have bought the stock before 06 April 2022. Payment date: 14 April 2022. Payout ratio is a comfortable 63% and this is well supported by cash flows. Trailing yield: 5.9%. Within top quartile of New Zealander dividend payers (5.4%). Higher than average of industry peers (4.8%). Upcoming Dividend • Dec 02
Upcoming dividend of NZ$0.27 per share Eligible shareholders must have bought the stock before 09 December 2021. Payment date: 17 December 2021. Trailing yield: 5.3%. Within top quartile of New Zealander dividend payers (5.0%). Higher than average of industry peers (4.2%). Reported Earnings • Sep 30
Full year 2021 earnings released: EPS NZ$0.56 (vs NZ$0.47 in FY 2020) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2021 results: Revenue: NZ$350.8m (up 22% from FY 2020). Net income: NZ$33.3m (up 20% from FY 2020). Profit margin: 9.5% (in line with FY 2020). Over the last 3 years on average, earnings per share has increased by 6% per year and the company’s share price has also increased by 6% per year. Recent Insider Transactions • Apr 17
Insider recently bought NZ$365k worth of stock On the 12th of April, James Glasson bought around 50k shares on-market at roughly NZ$7.30 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought NZ$1.3m more in shares than they have sold in the last 12 months. Reported Earnings • Mar 28
First half 2021 earnings released: EPS NZ$0.33 (vs NZ$0.26 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: NZ$182.0m (up 14% from 1H 2020). Net income: NZ$19.8m (up 29% from 1H 2020). Profit margin: 11% (up from 9.6% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Feb 20
New 90-day high: NZ$7.83 The company is up 21% from its price of NZ$6.47 on 20 November 2020. The New Zealander market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Specialty Retail industry, which is up 17% over the same period. Is New 90 Day High Low • Feb 03
New 90-day high: NZ$7.33 The company is up 20% from its price of NZ$6.09 on 05 November 2020. The New Zealander market is up 10.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Specialty Retail industry, which is also up 20% over the same period. Recent Insider Transactions • Nov 26
Insider recently bought NZ$305k worth of stock On the 20th of November, James Glasson bought around 47k shares on-market at roughly NZ$6.48 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought NZ$457k more in shares than they have sold in the last 12 months. Is New 90 Day High Low • Nov 10
New 90-day high: NZ$6.24 The company is up 95% from its price of NZ$3.20 on 12 August 2020. The New Zealander market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Specialty Retail industry, which is up 21% over the same period. Is New 90 Day High Low • Oct 13
New 90-day high: NZ$6.15 The company is up 66% from its price of NZ$3.71 on 15 July 2020. The New Zealander market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Specialty Retail industry, which is up 25% over the same period. Reported Earnings • Sep 26
Full year earnings released - EPS NZ$0.47 Over the last 12 months the company has reported total profits of NZ$27.8m, down 4.3% from the prior year. Total revenue was NZ$287.8m over the last 12 months, largely unchanged from the prior year. Profit margins were 9.7%, which is in line with last year. Is New 90 Day High Low • Sep 25
New 90-day high: NZ$5.55 The company is up 59% from its price of NZ$3.50 on 26 June 2020. The New Zealander market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Specialty Retail industry, which is up 19% over the same period. 
