Harvey Norman Holdings Ltd

HVN: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Consumer Electronics Retailers: Solid Balance Sheets Call for Lower Risk Premium

Johannes Faul

Nov 26, 2025

Harvey Norman said at its AGM that sales momentum is holding up. Harvey Norman's and JB Hi-Fi's core Australian businesses are enjoying solid demand for consumer electronics and home appliances. Sales are increasing by midsingle digits at Harvey Norman and JB Hi-Fi in fiscal 2026 year-to-date.

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We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.

To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.

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Harvey Norman Holdings Ltd

Consumer Electronics Retailers: Solid Balance Sheets Call for Lower Risk Premium

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