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Harvey Norman (HVN) property value

An asset play

27 June 2023

Harvey Norman’s share price is trading below book value of $3.55 per share. In this report, we analyse its property value and Franchise margins. The company has over $3.7 billion in property and an enterprise value of $4.7 billion.  The last reported cap rate on its investment property was 5.4% in FY22. By FY24e, we see the cap rate rising to 7.5%. We expect its property value to drop by more than $800 million and Franchise margins to fall below 2019 levels.

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