Financials Michael Hill International Limited New Zealand S.E.

Equities

MHJ

AU000000MHJ4

Apparel & Accessories Retailers

End-of-day quote New Zealand S.E. Other stock markets 18:00:00 2024-05-23 EDT			5-day change	1st Jan Change
0.53 ^NZD	0.00%		-19.70%	-46.46%

05-20	Michael Hill International Posts 4.7% Sales Increase for 45 Weeks Ended May 12	MT
03-25	Michael Hill to Move Corporate Head Office from Melbourne to Brisbane	MT

Valuation

Fiscal Period: July	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	209.4	131.8	326	399.9	339.8	182.7	-	-
Enterprise Value (EV) ¹	234.2	289.3	387.4	304.1	331.5	206.5	207.5	214.3
P/E ratio	12.7 x	43 x	7.22 x	8.68 x	9.94 x	246 x	11.5 x	7.44 x
Yield	7.41%	4.41%	5.36%	7.28%	8.38%	3.89%	5.41%	8.33%
Capitalization / Revenue	0.37 x	0.27 x	0.59 x	0.67 x	0.54 x	0.28 x	0.27 x	0.26 x
EV / Revenue	0.42 x	0.59 x	0.7 x	0.51 x	0.53 x	0.32 x	0.31 x	0.31 x
EV / EBITDA	4.34 x	3.33 x	3.59 x	2.65 x	2.84 x	2.57 x	2.06 x	1.87 x
EV / FCF	8.3 x	3.73 x	-	-	7.24 x	7.72 x	3.71 x	4.23 x
FCF Yield	12%	26.8%	-	-	13.8%	13%	26.9%	23.7%
Price to Book	1.18 x	0.86 x	1.69 x	2.05 x	1.8 x	1.16 x	1.07 x	1.09 x
Nbr of stocks (in thousands)	387,750	387,775	388,142	388,285	379,689	384,624	-	-
Reference price ²	0.5400	0.3400	0.8400	1.030	0.8950	0.4750	0.4750	0.4750
Announcement Date	19-08-16	20-08-18	21-08-22	22-08-28	23-08-24	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: July	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	563.4	492.1	556.5	595.2	629.6	643.6	669.8	693.7
EBITDA ¹	53.97	86.85	107.9	114.8	116.6	80.33	100.5	114.4
EBIT ¹	34.61	25.69	56.59	62.87	58.89	16.05	33.8	46.15
Operating Margin	6.14%	5.22%	10.17%	10.56%	9.35%	2.49%	5.05%	6.65%
Earnings before Tax (EBT) ¹	18.81	4.485	64.81	65.7	49.75	1.261	22.45	34.49
Net income ¹	16.5	3.059	45.33	46.71	35.18	1.924	15.39	24.29
Net margin	2.93%	0.62%	8.15%	7.85%	5.59%	0.3%	2.3%	3.5%
EPS ²	0.0425	0.007900	0.1163	0.1186	0.0900	0.001930	0.0413	0.0638
Free Cash Flow ¹	28.22	77.59	-	-	45.8	26.75	55.9	50.7
FCF margin	5.01%	15.77%	-	-	7.28%	4.16%	8.35%	7.31%
FCF Conversion (EBITDA)	52.28%	89.34%	-	-	39.28%	33.3%	55.63%	44.31%
FCF Conversion (Net income)	171.03%	2,536.35%	-	-	130.18%	1,390.36%	363.3%	208.74%
Dividend per Share ²	0.0400	0.0150	0.0450	0.0750	0.0750	0.0185	0.0257	0.0396
Announcement Date	19-08-16	20-08-18	21-08-22	22-08-28	23-08-24	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: July	2020 S1	2023 S1	2024 S1
Net sales ¹	329.5	363.4	362.7
EBITDA ¹	41.17	-	63.29
EBIT	31.6	58.78	-
Operating Margin	9.59%	16.18%	-
Earnings before Tax (EBT)	-	-	-
Net income	-	-	-
Net margin	-	-	-
EPS	-	-	-
Dividend per Share	0.0150	-	-
Announcement Date	20-02-25	23-02-26	24-02-25

¹AUD in Million

Estimates

Balance Sheet Analysis

Fiscal Period: July	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	24.8	157	61.3	-	-	23.8	24.8	31.6
Net Cash position ¹	-	-	-	95.8	8.37	-	-	-
Leverage (Debt/EBITDA)	0.4595 x	1.813 x	0.5684 x	-	-	0.2958 x	0.2464 x	0.2761 x
Free Cash Flow ¹	28.2	77.6	-	-	45.8	26.8	55.9	50.7
ROE (net income / shareholders' equity)	9.38%	1.9%	26.1%	25.3%	18.3%	1.07%	9.22%	14.4%
ROA (Net income/ Total Assets)	4.34%	0.7%	-	-	6.65%	-	-	-
Assets ¹	380.3	437	-	-	528.8	-	-	-
Book Value Per Share ²	0.4600	0.4000	0.5000	0.5000	0.5000	0.4100	0.4500	0.4400
Cash Flow per Share ²	0.1000	0.2200	0.2800	0.2300	0.2300	0.0900	0.1800	0.1900
Capex ¹	10.8	6.11	6.43	15.6	34.3	29.3	30.7	33.4
Capex / Sales	1.91%	1.24%	1.16%	2.62%	5.44%	4.55%	4.58%	4.81%
Announcement Date	19-08-16	20-08-18	21-08-22	22-08-28	23-08-24	-	-	-

¹AUD in Million²AUD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Michael Hill International Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

0.475 AUD

Average target price

0.7033 AUD

Spread / Average Target

+48.07%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Jewelry & Watch Retailers

	1st Jan change	Capi.
KALYAN JEWELLERS INDIA LIMITED	+13.51%	4.99B
SIGNET JEWELERS LIMITED	-4.21%	4.59B
SHANGHAI YUYUAN TOURIST MART (GROUP) CO., LTD.	-4.99%	3.17B
LOVISA HOLDINGS LIMITED	+31.14%	2.33B
LUK FOOK HOLDINGS (INTERNATIONAL) LIMITED	-10.55%	1.41B
WATCHES OF SWITZERLAND GROUP PLC	-42.33%	1.25B
THE HOUR GLASS LIMITED	-4.82%	761M
ETHOS LIMITED	+12.55%	693M
AURORA DESIGN	-15.58%	473M

Jewelry & Watch Retailers