Ann: HVN Presentation of Results for FY20, page-8

Maybe it was the dividend - mkt expecting more similar to JBH divs? There is so much risk taken out of HVN since last half report. The balance sheet looks so much better. Mkt has overlooked this.

Huge debt repayment - about $520m. $160m from last cap raise and the rest effectively from cash flow from franchisees.

Franchisee debt reduced from $608m to $352m - reduction of $256m. Think the mkt always a bit skeptical of this balance and its recoverability but this risk element is hugely reduced.

Cash held offsets corporate debt. No net debt. HVN could be debt free and cash positive by $100m+ (perhaps $200m) by 31 Dec.

NTA backed by large format retail property with strong underlying fundamentals.

Nothing not to like - maybe except divs - except that the bal sheet is now suggesting big divs to come - particularly with the massive 40%/37% July/Aug sales hikes.