Benson Muthuri
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“description”: “A structured guide for finance students completing the Harvey Norman investment bank report assignment — covering the business summary, all eight financial ratios, benchmarking against industry players, and the investment recommendation report.”,
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“name”: “Where do I find the financial data to calculate Harvey Norman’s ratios?”,
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“text”: “All data for Q2 comes from Harvey Norman Holdings’ 2024 and 2025 Annual Reports, which are publicly available at harveynormanholdings.com.au under Reports & Announcements. The income statement provides revenue, gross profit, EBIT, interest expense, and net profit. The balance sheet provides current assets, current liabilities, inventory, accounts receivable, total assets, total debt, and shareholders’ equity. Use the consolidated financial statements — not segment-level data — for all ratio calculations.”
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“name”: “How do I benchmark Harvey Norman’s ratios against industry players?”,
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“text”: “The most relevant Australian retail comparators for Harvey Norman are JB Hi-Fi (ASX: JBH) and Wesfarmers (ASX: WES, through its Kmart and Target divisions). For each ratio you calculate for HVN, find the equivalent ratio for at least one comparator using their most recent annual report or financial data from ASX-listed company databases. The comparison should identify whether HVN’s ratios are stronger, weaker, or in line with peers — and explain what that means for an investor.”
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“name”: “How do I structure Q3 — the investment recommendation report?”,
“acceptedAnswer”: {
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“text”: “Q3 is a 1,000-word investment report. It should open with a brief overview of Harvey Norman’s business and financial context, then work through the ratio analysis findings systematically — profitability, then liquidity and financial risk, then financial stability. Each ratio should be described (what it measures), interpreted (what HVN’s number means), trended (is it improving or deteriorating across 2024 vs 2025?), and benchmarked (how does it compare to a peer?). The report should close with a clear buy, hold, or sell recommendation that is directly supported by the ratio evidence presented. A recommendation that is not connected back to specific ratios will not satisfy the assignment instruction to ‘back up your arguments with the ratio analysis performed above.'”
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Australian University — Finance Assessment 3
Harvey Norman Ratio Analysis Assignment —
How to Write Q1, Q2 (All Eight Ratios), and Q3
Your assessment asks you to summarise Harvey Norman’s business, calculate eight specific financial ratios using the 2024 and 2025 annual reports, benchmark those ratios against industry peers, and write a 1,000-word investment recommendation backed by ratio evidence. That is three distinct deliverables with different analytical requirements. This guide maps exactly what each question is asking — and how to approach each one with the precision the rubric rewards.
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What This Assessment Is Actually Testing — and Why Students Lose Marks
This assessment has three components submitted as two files. First, a Word document containing Q1 (200-word business summary with latest news) and Q3 (1,000-word ratio analysis report with investment recommendation). Second, an Excel spreadsheet containing Q2 (all eight financial ratios calculated from Harvey Norman’s 2024 and 2025 annual reports). The assessment instruction is explicit: describe each ratio and its purpose, understand the trend across years, benchmark against industry players, and back up your recommendation with ratio evidence. Students who calculate the ratios but do not interpret them, or who make a recommendation without connecting it to ratio findings, are not meeting the assessment’s analytical standard — and the rubric will reflect that.
The distinction the rubric is drawing is between calculation and analysis. Calculating a current ratio of 1.43 is one step. Explaining that a current ratio above 1.0 signals Harvey Norman can meet its short-term obligations, noting whether that number improved or declined from 2024 to 2025, and comparing it against JB Hi-Fi’s equivalent ratio to judge whether HVN is more or less liquid than its closest Australian retail peer — that is analysis. The marks sit with the analysis, not the arithmetic.
The Excel file is not a worksheet you hand in as a separate afterthought. A professionally formatted spreadsheet — clear labels, consistent number formatting, ratio categories grouped by type, colour-coded headers, and a brief description of each ratio’s purpose — is explicitly noted in the assessment brief as important. In a real investment banking context, an analyst’s spreadsheet is a client-facing document. Treat it that way.
Where to Get the Annual Reports
Harvey Norman Holdings Limited publishes its annual reports directly at harveynormanholdings.com.au under the Reports & Announcements section. Both the 2024 and 2025 annual reports are available as PDFs. The consolidated financial statements — specifically the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, and Consolidated Statement of Cash Flows — are the source documents for all your ratio inputs. Download both before doing any calculations. Harvey Norman’s financial year ends 30 June, so FY2025 covers the period 1 July 2024 to 30 June 2025, and FY2024 covers 1 July 2023 to 30 June 2024.
Q1 — How to Write the Business Summary with Latest News (200 Words)
Q1 is not a historical essay about Harvey Norman’s founding. It is a concise professional briefing note of the kind an investment banking analyst would prepare for a manager before a meeting. At 200 words, every sentence must do work. The structure should cover what the business is and how it makes money, its scale and geographic footprint, and one or two pieces of recent news that are relevant to an investment decision.
What Harvey Norman Does and How It Earns Revenue
Harvey Norman Holdings (ASX: HVN) operates a franchise-based retail model. It earns revenue from property rental income (leasing store space to franchisees), company-operated retail (in international markets), and franchisee support. This hybrid model — part property company, part retailer — is a key feature that distinguishes HVN from pure-play Australian retailers and directly affects how you interpret its financial ratios. A Q1 paragraph that describes HVN only as a “furniture and electronics retailer” without mentioning the franchise and property dimensions is missing the most analytically significant feature of the business.
Geographic Presence and Store Network
Harvey Norman operates across Australia, New Zealand, Ireland, Northern Ireland, Singapore, Malaysia, Slovenia, Croatia, and other international markets. As of the 2025 reporting period, Australia remains the dominant revenue contributor, but international operations — particularly property-backed stores in Europe and Asia-Pacific — represent a meaningful portion of the balance sheet. Including the geographic breadth signals to a reader that HVN carries exposure to multiple currency and economic environments, which is a risk factor relevant to your investment recommendation in Q3.
Recent Developments Relevant to an Investor
For Q1, “latest news” means recent corporate developments, earnings updates, or market conditions that an investor would want to know before making a capital allocation decision. Check HVN’s ASX announcements page for anything filed since the most recent annual report — half-year results, CEO statements, dividend announcements, major acquisitions, or property divestments. A 200-word business brief that includes a specific recent announcement is demonstrably more useful to a manager than one that only restates what the annual report cover page says. Use the ASX announcements portal at asx.com.au or the HVN investor page directly.
The 200-Word Constraint Is a Test of Precision, Not a Target to Pad
Two hundred words is tight. A paragraph on the business model (approximately 80 words), a sentence or two on geographic scale and revenue breakdown (approximately 50 words), and a focused note on the most relevant recent news item (approximately 70 words) will fill the limit precisely. Do not spend words on history that predates the current investment context. The manager reading your brief already knows Harvey Norman is a long-established Australian brand. She wants the current state of play and anything new that changes the investment thesis.
Q2 — The Eight Financial Ratios: What Each Measures and Where to Find the Data
Your assessment requires eight ratios across three categories. Each category tests a different dimension of financial health. Profitability ratios test how efficiently HVN converts revenue into profit. Liquidity and financial risk ratios test whether HVN can meet its obligations and how efficiently it manages working capital. Financial stability ratios test how HVN is financed and whether its debt burden is sustainable. Understanding what category each ratio belongs to — and what question it answers for an investor — is prerequisite to writing the Q3 report coherently.
All Eight Required Ratios — Category, Purpose, Formula Inputs, and Annual Report Location
Every formula input maps to a specific line item in Harvey Norman’s consolidated financial statements. Identifying the right line items before calculating prevents the most common source of error in this assessment.
Profit Margin (Net Profit Margin)
- Measures how many cents of net profit HVN keeps per dollar of revenue
- Formula: Net Profit After Tax ÷ Total Revenue × 100
- Income statement: Net profit attributable to shareholders of Harvey Norman Holdings; Total revenue or total income from operations
- A declining margin signals cost pressure or revenue mix shift; rising margin signals operational efficiency gains
Return on Assets (ROA)
- Measures how effectively management deploys the total asset base to generate profit
- Formula: Net Profit After Tax ÷ Average Total Assets × 100
- Average total assets = (Opening total assets + Closing total assets) ÷ 2; use FY2023 closing for FY2024’s opening
- Low ROA relative to peers indicates the asset base (particularly HVN’s large property portfolio) is not being fully optimised
Return on Equity (ROE)
- Measures the return generated on shareholders’ capital — the most watched profitability metric by equity investors
- Formula: Net Profit After Tax ÷ Average Shareholders’ Equity × 100
- Balance sheet: Total equity attributable to equity holders of Harvey Norman Holdings (exclude non-controlling interests)
- ROE is the key metric for the Q3 recommendation — an ROE consistently below the cost of equity suggests the investment is destroying value
Current Ratio
- Tests whether HVN can cover its short-term liabilities with its short-term assets
- Formula: Current Assets ÷ Current Liabilities
- Balance sheet: Total current assets and total current liabilities from the Consolidated Statement of Financial Position
- A ratio below 1.0 signals potential liquidity risk; above 2.0 may indicate inefficient use of working capital
Inventory Turnover Ratio and Days
- Measures how many times HVN sells and replaces its inventory in a year, and the average days goods sit unsold
- Turnover formula: Cost of Goods Sold ÷ Average Inventory
- Days formula: 365 ÷ Inventory Turnover Ratio
- Average inventory = (Opening + Closing inventory) ÷ 2; COGS is on the income statement; inventory is on the balance sheet under current assets
- Higher turnover (fewer days) generally means faster cash conversion — critical for a retailer
Accounts Receivable Turnover Ratio and Days
- Measures how efficiently HVN collects payments from customers and franchisees
- Turnover formula: Net Credit Sales (or Total Revenue) ÷ Average Accounts Receivable
- Days formula: 365 ÷ Accounts Receivable Turnover
- For HVN, accounts receivable on the balance sheet includes franchisee receivables — a significant and distinctive line item given the franchise model
- Rising receivable days may signal collection issues with franchisees, which is a credit risk flag for investors
Debt to Equity Ratio
- Measures how much of HVN’s financing comes from debt relative to equity — tests capital structure risk
- Formula: Total Debt (borrowings) ÷ Total Shareholders’ Equity
- Use total borrowings (current and non-current) from the balance sheet; use equity attributable to HVN shareholders
- A rising D/E ratio signals increasing financial leverage; in a rising interest rate environment this amplifies risk
Interest Coverage Ratio
- Tests whether HVN generates enough operating profit to comfortably service its interest obligations
- Formula: EBIT ÷ Interest Expense
- EBIT (earnings before interest and tax) is on the income statement; interest expense is a separate line item, often in the notes
- A ratio below 2.0x is considered a warning sign in most industry contexts; above 5.0x suggests comfortable debt serviceability
Use Averages Correctly — This Is One of the Most Common Calculation Errors
ROA, ROE, inventory turnover, and accounts receivable turnover all require average balance sheet figures in the denominator — not the closing balance for the single year you are calculating. Average = (prior year closing balance + current year closing balance) ÷ 2. For FY2024 ratios, the opening balance is the FY2023 closing figure, which you find in the comparative column of the FY2024 annual report. For FY2025 ratios, the opening balance is the FY2024 closing figure. Students who use only the current year’s closing balance instead of the average will calculate systematically different ROA and ROE figures — and those errors will carry into Q3 if not caught.
How to Calculate Each Ratio Step by Step — and Structure the Excel File
The Excel spreadsheet is a professional deliverable. Before entering a single formula, design the layout. A professional ratio analysis spreadsheet groups ratios by category, labels each ratio clearly, shows the formula, shows the raw inputs (with source references), and shows the calculated output for both FY2024 and FY2025 side by side so the trend is immediately visible. The note in the assessment brief that a “professionally formatted” submission earns better marks is not a soft suggestion — it reflects how ratio analysis is actually done in industry.
A Recommended Excel Layout Structure
| Column | Content | Notes |
|---|---|---|
| A — Ratio Name | Full name of the ratio (e.g., “Net Profit Margin”) | Group rows by category with a shaded header row: Profitability, Liquidity & Financial Risk, Financial Stability |
| B — Purpose | One sentence describing what this ratio measures and why it matters to an investor | This satisfies the rubric’s requirement to “describe each ratio and its purpose” — do this in the Excel, not just in the Word doc |
| C — Formula | The algebraic formula written out (e.g., “Net Profit ÷ Revenue × 100”) | Not the Excel cell reference — write the actual formula in plain language so anyone reading the spreadsheet understands the calculation |
| D & E — FY2024 Inputs | Numerator value and denominator value for FY2024, with source references (e.g., “Income Statement, Line: Net Profit”) | Sourcing each input prevents errors and allows the marker to verify your figures against the annual report |
| F — FY2024 Result | The calculated ratio for FY2024, formatted appropriately (% for profitability ratios; x for coverage ratios; days for turnover days) | Use Excel number formatting — do not leave raw decimal output |
| G & H — FY2025 Inputs | Numerator and denominator for FY2025, sourced as above | Showing inputs for both years separately prevents the marker from having to reverse-engineer your calculations |
| I — FY2025 Result | The calculated ratio for FY2025 | Place FY2024 and FY2025 results in adjacent columns so the trend is visible at a glance |
| J — Trend | Brief directional note: “Improved,” “Declined,” or “Stable” with a conditional format (green for improved, red for declined) | This is the analytical layer that separates a calculation sheet from a professional analysis document |
| K — Industry Benchmark | Comparable ratio for the selected peer (e.g., JB Hi-Fi FY2025) with source note | Having the peer benchmark in the spreadsheet, not just mentioned in the Word doc, demonstrates thoroughness |
Key Formula Applications for Harvey Norman
The formulas themselves are standard — what requires care is identifying the correct Harvey Norman line items. HVN’s income statement structure and balance sheet include some items that are specific to its franchise model and are not standard in a simple retailer’s accounts. These are the most important data points to locate correctly:
Income Statement — Key Lines
- Revenue from contracts with customers — use this as “Total Revenue” for profit margin and receivables turnover
- Cost of sales — use this as COGS for inventory turnover
- Profit before income tax expense — use this plus interest expense to derive EBIT, or locate EBIT separately in the notes
- Finance costs — this is interest expense for the interest coverage ratio
- Profit for the year attributable to owners of the parent — use this as Net Profit for all profitability ratios
Balance Sheet — Key Lines
- Total current assets and total current liabilities — current ratio numerator and denominator
- Inventories (within current assets) — inventory turnover denominator
- Trade and other receivables (within current assets) — receivables turnover denominator; note HVN also has non-current receivables from franchisees, so clarify which class you are using
- Borrowings (current + non-current) — total debt for debt-to-equity ratio
- Total equity attributable to equity holders of Harvey Norman Holdings — equity for ROE and debt-to-equity
- Total assets — ROA denominator (remember to average across FY2024 and FY2025)
A ratio is only as reliable as the line items feeding it. Spend thirty minutes mapping each formula to the correct annual report line before entering a single Excel formula — that time investment prevents errors that would otherwise run through every calculation in the spreadsheet.
— The precision standard the assessment is measuring
Benchmarking Against Industry Players — Why It Matters and How to Do It
The assessment note is explicit: “Research should include some benchmarking against industry players.” A ratio in isolation tells you a number. A ratio compared against a peer tells you whether that number is strong, weak, or in line with what comparable businesses achieve in the same operating environment. The benchmarking requirement is not optional — it is the layer of analysis that distinguishes a financial analyst from a spreadsheet operator.
JB Hi-Fi (ASX: JBH)
JB Hi-Fi is the most direct Australian comparator for Harvey Norman’s electronics and appliances categories. It is ASX-listed, reports annually on a June financial year, and publishes ratios that are widely discussed in Australian financial media. For liquidity and profitability comparisons specifically, JBH is the most relevant benchmark. Its annual reports are available at jbhifi.com.au and its ASX filings are publicly accessible.
Wesfarmers (ASX: WES) — Kmart / Target
Wesfarmers is a broader conglomerate but its discretionary retail divisions (Kmart and Target) compete with Harvey Norman on furniture, homewares, and appliance categories. WES is less of a pure peer than JBH, but useful for any benchmarking on inventory management efficiency, which is a major operational challenge across the Australian discretionary retail sector.
Australian Retail Sector Benchmarks
The Australian Bureau of Statistics and IBISWorld publish sector-level data on Australian retail performance, including average gross margins, inventory turnover rates, and return on assets for the retail trade sector. If you have access to IBISWorld through your university library, sector-level benchmarks add a layer of context beyond individual peer comparisons and can strengthen the analytical depth of your Q3 report significantly.
When presenting your benchmarking in Q3, the structure for each ratio should follow a consistent pattern: state HVN’s ratio, state the comparator’s ratio, state whether HVN is stronger or weaker, and briefly explain what that gap means for the investment case. “Harvey Norman’s current ratio of [X] compares to JB Hi-Fi’s [Y], suggesting HVN carries [more/less/similar] short-term liquidity risk. This is [positive/negative/neutral] from an investor’s perspective because…” That three-sentence structure, applied consistently, is what the rubric phrase “understand the trend” is pointing toward.
What “Understanding the Trend” Actually Means
Trend analysis in this context means comparing FY2024 and FY2025 values for each ratio and drawing a directional conclusion. Is the profit margin expanding or contracting? Is the current ratio improving or deteriorating? Is inventory being converted to cash faster or slower? The trend is the time dimension of the analysis — without it, you have a snapshot but not a trajectory. An investment recommendation built on trajectory evidence (ratios improving or deteriorating over two years) is analytically stronger than one built on a single year’s ratio values alone. Benchmarking adds the competitive dimension. Together, trend plus benchmark gives you a genuinely defensible recommendation.
Q3 — How to Write the Investment Recommendation Report (1,000 Words)
Q3 is the analytical centrepiece of the assessment. At 1,000 words it is long enough to develop a structured argument, but short enough that every paragraph must earn its place. The structure should mirror the ratio categories: an opening that frames the analysis, a profitability section, a liquidity section, a financial stability section, a benchmarking note, and a conclusion that delivers a clear buy, hold, or sell recommendation backed by ratio evidence. A report that describes the ratios without making a recommendation, or that makes a recommendation without citing specific ratios, fails the core brief on both ends.
A Reliable Structure for the Q3 Report
| Section | Content | Approx. Length | What the Rubric Is Looking For |
|---|---|---|---|
| Introduction | Brief framing: who you are (investment bank analyst), what company you are analysing, what the report covers, and what its purpose is. One sentence on Harvey Norman’s business model and market position to orient the reader. Do not repeat Q1 — this is a forward-facing framing paragraph, not a business summary. | 80–100 words | Professional tone; clear statement of analytical purpose; no padding |
| Profitability Analysis | State and interpret all three profitability ratios (profit margin, ROA, ROE) with FY2024 and FY2025 figures. Identify the trend direction for each. Draw a conclusion about whether HVN’s profitability is improving or deteriorating overall. Compare at least one profitability ratio against the chosen peer. Close with a sentence on what the profitability picture means for an equity investor. | 250–280 words | All three ratios named with actual calculated figures; trend direction stated; peer comparison included; analytical conclusion drawn — not just description |
| Liquidity and Financial Risk Analysis | State and interpret the current ratio, inventory turnover (ratio and days), and accounts receivable turnover (ratio and days). For each: state the number, explain what it means, identify the trend, and note any concern or strength. The franchise model context is relevant here — HVN’s receivables include franchisee balances that behave differently from typical customer receivables. | 280–300 words | All five liquidity figures presented; trend analysis applied; Harvey Norman-specific interpretation that goes beyond textbook definition; at least one benchmarking comparison |
| Financial Stability Analysis | State and interpret debt-to-equity and interest coverage ratios. Discuss what HVN’s leverage level implies for risk in the current Australian interest rate environment. A rising D/E ratio with declining interest coverage is a red flag; stable or improving coverage alongside manageable leverage is a positive signal. | 150–180 words | Both ratios with figures; interest rate context acknowledged; directional conclusion about financial risk level |
| Investment Recommendation | A clear, direct recommendation — buy, hold, or sell — with the rationale drawn explicitly from the ratio findings. The recommendation should reference at least three specific ratio outcomes from the preceding analysis. It should also acknowledge the key risk or uncertainty that could change the recommendation (e.g., a significant deterioration in franchisee receivable collections, or further interest rate increases that pressure coverage ratios). | 150–180 words | Explicit buy/hold/sell statement; at least three ratio references supporting the recommendation; risk acknowledgement; no vague or hedged conclusion that refuses to take a position |
The Recommendation Must Take a Position — Hedging Costs Marks
Students often conclude Q3 with a sentence like “Overall, Harvey Norman has both strengths and weaknesses, and investors should consider their individual risk tolerance before making a decision.” That is not a recommendation — it is a non-answer. The assessment brief says to recommend whether to invest in Harvey Norman shares or not. Your manager at the investment bank has asked you for a view. Give one. If the ratios support a positive case, argue buy. If they reveal deteriorating profitability and rising leverage, argue sell or hold. A well-argued recommendation that is wrong is analytically superior to a non-committal answer that is technically unfalsifiable. Take the position the evidence supports, and be explicit about why.
Pre-Submission Checklist for This Assessment
- Q1 Word doc section: 200 words, covers business model, geographic scale, and at least one specific recent news item
- Q2 Excel: all eight ratios calculated with correct formulas; both FY2024 and FY2025 values shown; inputs labelled with source references
- Q2 Excel: average balance sheet figures used (not single-year closing values) for ROA, ROE, inventory turnover, and receivables turnover
- Q2 Excel: ratios grouped by category (Profitability / Liquidity / Financial Stability) with clear formatting and headers
- Q2 Excel: at least one industry peer benchmark included per ratio category
- Q3 Word doc section: approximately 1,000 words; all ratio categories covered with figures cited
- Q3 Word doc: trend analysis for each ratio (FY2024 vs FY2025 direction)
- Q3 Word doc: benchmarking against at least one named industry peer per ratio category
- Q3 Word doc: explicit buy, hold, or sell recommendation with at least three ratio references supporting it
- Q3 Word doc: a risk or qualification statement acknowledging what could change the recommendation
- Both deliverables submitted via Turnitin — Word document in Part 1, Excel in Part 2
- Word document formatted professionally: consistent font, headings, and spacing; APA or Harvard referencing if sources are cited
Strong vs. Weak Responses — What the Difference Looks Like in Q3
The same contrast applies across every ratio in Q3. Strong paragraphs name the specific figures, move immediately from the number to its meaning, identify whether the trend is improving or deteriorating, and draw an investor-relevant conclusion. Weak paragraphs define the ratio, state one number, and conclude with a generic statement. The definition adds no value because the reader of an investment banking report already knows what a current ratio measures. The value sits entirely in the interpretation — and interpretation is what this assessment is grading.
The Most Common Errors on This Assessment — and How to Avoid Them
| # | The Error | Why It Costs Marks | The Fix |
|---|---|---|---|
| 1 | Using single-year balance sheet values instead of averages for ROA, ROE, and turnover ratios | ROA and ROE are measured against the average asset or equity base — using only the year-end figure produces a ratio that misrepresents how efficiently the business deployed resources across the whole year. Turnover ratios have the same requirement. This is a calculation methodology error, not a rounding error — it will produce meaningfully different numbers that may not match any published ratio for HVN. | For every ratio that uses a balance sheet denominator, calculate: (prior year closing balance + current year closing balance) ÷ 2. The prior year closing balance is in the comparative column of the current year’s annual report. For FY2024 ratios, the FY2023 closing balance is in the comparative column of the FY2024 annual report. Build this averaging step into your Excel formula from the start. |
| 2 | Calculating ratios for only one year instead of both FY2024 and FY2025 | The assessment explicitly requires you to read and use both the 2024 and 2025 annual reports. A submission that calculates ratios for FY2025 only cannot demonstrate trend analysis — and the rubric requires students to identify whether financials are improving or not. Single-year calculations also prevent meaningful benchmarking over time. | Structure your Excel from the beginning with columns for both years. Calculate all ratios for FY2024 first, then duplicate the structure for FY2025, then add a trend column. This architecture ensures both years are present and forces you to compare them explicitly. |
| 3 | Writing Q3 as a description of ratios rather than an analysis | Describing what each ratio means and stating HVN’s value is the minimum standard — it earns pass marks but not credit for analysis. The distinction the rubric is drawing is between reporting (these are the numbers) and analysing (this is what the numbers mean for an investor, how they compare to peers, and what they imply about the investment decision). A 1,000-word Q3 that devotes 600 words to definitions and 400 words to actual interpretation has its priorities inverted. | After calculating every ratio, write a single sentence that starts: “This means…” Force yourself to interpret before you describe. Then write the benchmarking comparison. Then write the trend direction. Only after those three moves describe what the ratio measures. That ordering keeps analysis at the centre and prevents a report that front-loads definitions and runs out of space for conclusions. |
| 4 | Making a recommendation without citing specific ratios | The assessment brief is direct: “when you make the recommendation you must back up your arguments with the ratio analysis performed above.” A recommendation paragraph that does not name specific ratios — or that names them generically (“Harvey Norman’s profitability ratios are acceptable”) without quoting the actual figures — has not met this requirement. The marker cannot verify the link between the recommendation and the analysis if no ratios are cited. | Write the recommendation paragraph last, after you have completed the analysis sections. Then go back through your recommendation and check that each statement supporting the buy/hold/sell position references at least one specific ratio with its calculated value. “HVN’s interest coverage ratio of [X]x in FY2025, down from [Y]x in FY2024, combined with a debt-to-equity ratio of [Z], suggests…” is the level of specificity the rubric requires. |
| 5 | No benchmarking or vague benchmarking without named peers or figures | Stating “Harvey Norman’s current ratio is in line with industry standards” without naming the industry standard, citing a source, or specifying a peer is not benchmarking — it is an assertion. The rubric requirement for “benchmarking against industry players” is satisfied by named peers with named figures from a verifiable source. Assertions without evidence earn no benchmarking marks. | Before writing Q3, look up JB Hi-Fi’s most recent annual report or use a financial data service (your university library likely provides access to Bloomberg, Morningstar, or similar) to obtain its current ratio, net profit margin, and debt-to-equity ratio. Note the source. Use those figures in your analysis. One well-sourced peer comparison per ratio category satisfies the benchmarking requirement and demonstrates research discipline that markers reward. |
| 6 | Poorly formatted Excel with no labels, no ratio descriptions, or inconsistent number formatting | The assessment brief notes explicitly that “presentation of a professionally looking report and excel is very important in industry.” An Excel file that shows raw numbers without labels, formulas without explanations, or inconsistent decimal places is not a professional deliverable. In an investment banking context, a poorly formatted model would not be sent to a client — and this assessment is simulating that professional standard. | After completing all calculations, spend thirty minutes on formatting. Add category header rows with background colour. Ensure all percentages are formatted as percentages (not 0.0743), all ratios as two decimal places, all days figures as whole numbers. Add a short description of each ratio’s purpose in an adjacent column. Add borders and alignment. Print-preview the spreadsheet to check it would be readable as a PDF — because that is how the marker will view it after downloading from Turnitin. |
FAQs: Harvey Norman Ratio Analysis Assignment
What Your Instructor Is Looking For in a High-Scoring Submission
This assessment is testing whether you can do three things that finance graduates are expected to do in professional practice: summarise a business for a non-specialist audience, perform rigorous ratio analysis from source financial statements, and make a defensible investment recommendation backed by quantitative evidence. The marks are concentrated in Q2 (correct calculations with professional formatting) and Q3 (analysis and recommendation quality) because those are the professional skills the learning outcomes are targeting.
The students who score highest on this assessment are not the ones who calculate every ratio correctly — though that is necessary. They are the ones who interpret each ratio with specificity, connect the interpretation to Harvey Norman’s actual business context, compare against named peers with cited figures, and build a recommendation that is traceable back to the ratio evidence. That is the standard of work that earns distinction marks, and it is achievable if you approach the assessment with the same analytical discipline an investment banking analyst would apply to a real client brief.
If you need professional support with this assessment — whether that is help structuring your Excel model, developing the ratio analysis, researching peer benchmarks, or writing and editing the Q3 investment report — the team at Smart Academic Writing covers Australian university finance assessments at all levels. Visit our finance assignment help service, our accounting homework help service, our data analysis help service, or our Australian university assignment help page. You can also visit our editing and proofreading service if your draft is written and you need a final review before the Week 9 deadline.
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