The Newswire

Your daily serving of financial goodness

Harvey Norman Acquires Significant Dairy Stake

Harvey Norman Acquires Significant Dairy Stake
Sep 02, 2015 By Ben Visser

Harvey Norman Holdings Limited (ASX:HVN) announced the acquisition of a significant stake in Coomboona Holdings Pty Limited for $34 million.

Coomboona Holdings is an owner of land and farm assets in the Coomboona district of the Goulburn Valley region in northern Victoria. The company specialises in dairy farm operations and a pedigree breeding and genetics division.

The transaction will be $25million for a 49.9 per cent interest in the company plus an advance of approximately $9 million to Coomboona.

On 28 August Harvey Norman released its full year results for FY15, reporting a net profit after tax growth of 26.6 per cent to $268 million. The profit growth was largely due to inflated property valuations, up $8.73 million in FY15 compared to a decrease of $11.65 million in FY14.

Following the results announcement in late August, HVN’s share price initially gained, however has declined 4.64 per cent since, closing at $4.31 yesterday. The decline is most likely due to overall market conditions. Results came in within expectations and FY16 guidance remains promising.

Share this article

Ben Visser Author: Ben Visser Sep 02, 2015

Ben is a Wise-owl equity analyst focusing on ASX blue-chips stocks. Ben has a Bachelor of Business in Finance majoring in property valuations and management. In his role at Wise-owl Ben conducts in-depth fundamental and technical analysis which helps him to find profitable investment opportunities on the ASX and abroad.

Private credit underpins Metrics listing

Investors have poured more than $300 million in just nine days into the latest ASX listing of alternative asset manager Metrics, which will offer retail investors exposure to the difficult-to-access private credit market.

Author: Simon Herrmann Mar 26, 2019

Errors

Sign Up for Free Trial
Subscribe
Recent Tweets
Recent News