Har­vey Nor­man

Money Magazine Australia - - VALUE.ABLE -

Since 1982, Har­vey

Nor­man has not only been sell­ing ap­pli­ances, elec­tron­ics and fur­ni­ture but also “land bank­ing”.

When land val­ues and the po­ten­tial for re­zon­ing are con­sid­ered, in­vestors might be buy­ing the re­tail busi­nesses for very lit­tle.

We don’t be­lieve, how­ever, that the prop­erty and re­tail busi­nesses can be sep­a­rated eas­ily and that leaves in­vestors tied to the de­te­ri­o­rat­ing credit cy­cle. One in­ter­est­ing pos­si­bil­ity is that Gerry Har­vey, be­ing the largest share­holder, might be in­cen­tivised to pay a large spe­cial div­i­dend if La­bor were elected and re­formed frank­ing cred­its.

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