Calculating The Intrinsic Value Of Harvey Norman Holdings Limited (ASX:HVN)
Nov 06
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Australian (ASX) General Merchandise and Department Stores Industry Analysis
UpdatedNov 07, 2025
DataAggregated Company Financials
Companies4
- 7D-5.2%
- 3M-7.9%
- 1Y22.5%
- YTD16.1%
Over the last 7 days, the General Merchandise and Department Stores industry has dropped 5.2%, driven by a pullback from Wesfarmers of 3.8%. This takes the industry's 12 month performance to a gain of 23%. Earnings are forecast to grow by 5.8% annually.
Industry Valuation and Performance
Has the Australian General Merchandise and Department Stores Industry valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Sat, 08 Nov 2025 | AU$101.7b | AU$49.5b | AU$3.4b | 24.6x | 30x | 2.1x |
| Mon, 06 Oct 2025 | AU$113.9b | AU$49.5b | AU$3.4b | 27x | 33.6x | 2.3x |
| Wed, 03 Sep 2025 | AU$111.0b | AU$52.2b | AU$3.4b | 34.2x | 32.5x | 2.1x |
| Fri, 01 Aug 2025 | AU$106.0b | AU$51.4b | AU$3.0b | 41.1x | 34.9x | 2.1x |
| Sun, 29 Jun 2025 | AU$103.7b | AU$52.3b | AU$3.0b | 40.4x | 34x | 2x |
| Tue, 27 May 2025 | AU$102.4b | AU$52.3b | AU$3.0b | 40.2x | 33.6x | 2x |
| Thu, 24 Apr 2025 | AU$94.2b | AU$52.3b | AU$3.0b | 39.3x | 30.9x | 1.8x |
| Sat, 22 Mar 2025 | AU$88.5b | AU$52.3b | AU$3.0b | 30.9x | 29.1x | 1.7x |
| Mon, 17 Feb 2025 | AU$97.9b | AU$51.4b | AU$2.9b | 33.6x | 33.2x | 1.9x |
| Wed, 15 Jan 2025 | AU$87.5b | AU$51.4b | AU$2.9b | 22.9x | 29.7x | 1.7x |
| Fri, 13 Dec 2024 | AU$92.4b | AU$51.4b | AU$2.9b | 23.2x | 31.3x | 1.8x |
| Sun, 10 Nov 2024 | AU$84.8b | AU$51.4b | AU$2.9b | 22.9x | 28.7x | 1.6x |
| Tue, 08 Oct 2024 | AU$85.6b | AU$51.4b | AU$2.9b | 25.1x | 29x | 1.7x |
| Thu, 05 Sep 2024 | AU$86.6b | AU$51.5b | AU$3.0b | 25.3x | 29.3x | 1.7x |
| Sat, 03 Aug 2024 | AU$88.5b | AU$51.0b | AU$2.9b | 15.7x | 30.3x | 1.7x |
| Mon, 01 Jul 2024 | AU$80.5b | AU$51.0b | AU$2.9b | 14.9x | 27.6x | 1.6x |
| Wed, 29 May 2024 | AU$80.1b | AU$51.0b | AU$2.9b | 15.1x | 27.4x | 1.6x |
| Fri, 26 Apr 2024 | AU$81.5b | AU$51.0b | AU$2.9b | 19x | 27.9x | 1.6x |
| Sun, 24 Mar 2024 | AU$84.3b | AU$51.0b | AU$2.9b | 20x | 28.9x | 1.7x |
| Tue, 20 Feb 2024 | AU$80.2b | AU$51.1b | AU$3.0b | 15.1x | 26.4x | 1.6x |
| Thu, 18 Jan 2024 | AU$71.4b | AU$51.0b | AU$3.0b | 14.9x | 23.8x | 1.4x |
| Sat, 16 Dec 2023 | AU$68.9b | AU$51.0b | AU$3.0b | 14.1x | 23x | 1.4x |
| Mon, 13 Nov 2023 | AU$66.1b | AU$51.0b | AU$3.0b | 13.9x | 22.1x | 1.3x |
| Wed, 11 Oct 2023 | AU$65.5b | AU$51.0b | AU$3.0b | 15.2x | 21.9x | 1.3x |
| Fri, 08 Sep 2023 | AU$67.3b | AU$51.0b | AU$3.0b | 14.9x | 22.3x | 1.3x |
| Sun, 06 Aug 2023 | AU$62.7b | AU$49.2b | AU$3.3b | 14.6x | 19.2x | 1.3x |
| Tue, 04 Jul 2023 | AU$62.5b | AU$49.2b | AU$3.3b | 12.5x | 19.2x | 1.3x |
| Thu, 01 Jun 2023 | AU$59.6b | AU$49.2b | AU$3.3b | 12.9x | 18.3x | 1.2x |
| Sat, 29 Apr 2023 | AU$64.9b | AU$49.2b | AU$3.3b | 14.7x | 19.9x | 1.3x |
| Mon, 27 Mar 2023 | AU$62.3b | AU$49.2b | AU$3.3b | 12.7x | 19.1x | 1.3x |
| Wed, 22 Feb 2023 | AU$63.2b | AU$47.7b | AU$3.4b | 17x | 18.6x | 1.3x |
| Fri, 20 Jan 2023 | AU$62.4b | AU$42.9b | AU$3.2b | 16.7x | 19.4x | 1.5x |
| Sun, 18 Dec 2022 | AU$59.1b | AU$42.9b | AU$3.2b | 14.8x | 18.4x | 1.4x |
| Tue, 15 Nov 2022 | AU$58.9b | AU$42.9b | AU$3.2b | 16.6x | 18.3x | 1.4x |
Price to Earnings Ratio
18.3x
Current Industry PE
- Investors are optimistic on the Australian Multiline Retail industry, and appear confident in long term growth rates.
- The industry is trading at a PE ratio of 30.0x which is higher than its 3-year average PE of 26.4x.
- The 3-year average PS ratio of 1.6x is lower than the industry's current PS ratio of 2.1x.
Past Earnings Growth
- The earnings for companies in the Multiline Retail industry have remained mostly flat over the last three years.
- Meanwhile revenues for these companies have grown 4.9% per year.
- This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased and as a result, profits have held steady.
Industry Trends
Which industries have driven the changes within the Australian Consumer Discretionary industry?
| AU Market | -0.98% | |
| Consumer Discretionary | -3.83% | |
| General Merchandise and Department Stores | -5.15% | |
| Department Stores | 0% | 0 |
| General Merchandise Stores | 0% | 0 |
| Broadline Retail | -5.15% | |
Industry PE
- Investors are most optimistic about the Broadline Retail industry, which is trading close to its 3-year average PE ratio of 27.5x.
- Analysts are expecting annual earnings growth of 5.8%, which is lower than the prior year's growth of 30.7% per year.
- Investors are most pessimistic about the Broadline Retail industry, which is trading close to its 3-year average of 27.5x.
Forecasted Growth
- Analysts are most optimistic on the Broadline Retail industry, expecting annual earnings growth of 5.8% over the next 5 years.
- However this is lower than its past earnings growth rate of 31% per year.
- In contrast, the Broadline Retail industry is expected to see its earnings grow by 5.8% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| HVN Harvey Norman Holdings | AU$7.40 | 2.4% +AU$211.8m | 63.4% | PE17.8x | |
| ATG Articore Group | AU$0.33 | 1.6% +AU$1.4m | -13.3% | PS0.2x |