Harvey Norman Holdings (HVN) - FY15 dividend 20.0 cps is slightly above our estimates

Harvey Norman had their global sales grow 4.3% to $6.02bn and up 4.6% on like-for-like basis; ( in local currency like for like basis: Australia up 4.5%, NZ up 2.6%, Slovenia up 1.2%, Ireland up 7.3%, Northern Ireland up 15.5%). They reported a net profit up 25.6% to $387.1m including net property revaluations $20.38m. In relation to their segment PBT, Franchise operations were up 39.4% to $200.36 m (This was due primarily to a decrease of 21.2%, or $21.84 million, in the level of tactical support provided to franchisees to $81.35m in 2015, from $103.19m in pcp. Property was up 9.3% to $135.2m, Company operated retail up 42.9% to $42.03m. Net operating cash flow was up 0.5% to $340.5m also. Read our summary here: (VIEW LINK)