Fact based stock research
Heartland Group (NZSE:HGH)

NZHGHE0007S9

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For every stock, we judge its performance against its peers and rank it on a scale of 1 to 100. The higher the rank, the better the stock performs than its peers. And, we do this for six investment strategies:
Value - shows how good of a value the stock is. Green is "inexpensive"; red is "expensive".

Growth - shows a company's growth potential. Green is "high growth" expected; red is "tough times ahead".

Safety - relates to the amount of debt a company has. Green is low debt level; red is high debt level.

Combined Financial - this isn't an average of the first three ranks but rather a consolidated view across several financial indicators. Green = good; red = tread carefully.

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Heartland Group stock research in summary

heartland.co.nz

ANALYSIS: With an Obermatt Combined Rank of 29 (worse than 71% compared with investment alternatives), Heartland Group (Diversified Banks, New Zealand) shares have somewhat below-average financial characteristics compared with similar stocks. Shares of Heartland Group are a good value (attractively priced) with a consolidated Value Rank of 95 (better than 95% of alternatives) but show below-average growth (Growth Rank of 4), and are riskily financed (Safety Rank of 24), which means above-average debt burdens. ...read more

RECOMMENDATION: A Combined Rank of 29, is a hold recommendation based on Heartland Group's financial characteristics. As the company Heartland Group's key financial metrics exhibit good value (Obermatt Value Rank of 95) but low growth (Obermatt Growth Rank of 4) and risky financing practices (Obermatt Safety Rank of 24), it may be a risky investment, because debt in times of crises can make things worse. The good value, better than 95% of comparable companies, may indicate the company's future is challenging. If you believe that low growth is temporary or just due to a specific current event, you may conclude that the good value of the stock provides an attractive investment opportunity. Obermatt Premium subscribers can further check the stock’s Sentiment Ranks, which also flow into the Obermatt 360° View for investors. ...read more

Latest Obermatt Ranks


360° View^new
Sentiment Rank^new
Value Rank	95
Growth Rank	4
Safety Rank	24
Combined Rank	29

Country	New Zealand
Industry	Diversified Banks
Index	NZSX 50
Size class	X-Small

31-Jul-2025. Stock data may be delayed. Log in or sign up to get the most recent research.

Further information

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Review the performance ranks of the individual metrics that form each investment strategy.

Research History: Heartland Group

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	23	70	95	95
GROWTH
GROWTH	84	71	43	4
SAFETY
SAFETY	15	14	10	24
SENTIMENT
SENTIMENT	14	6	17	^new
360° VIEW
360° VIEW	25	28	32	^new

Most recent update of the stock research: 31-Jul-2025. Financial reporting date used for calculating ranks: 31-Dec-2024. Stock research history is based on the Obermatt Method. The higher the rank, the better Heartland Group is in the corresponding investment strategy.
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Combined financial peformance in Detail

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	23	70	95	95
GROWTH
GROWTH	84	71	43	4
SAFETY
SAFETY	15	14	10	24
COMBINED
COMBINED	1	51	47	29

Last update of combined financial performance: 31-Jul-2025. Stock analysis on combined financial performance: The higher the rank of Heartland Group the better the performance.

Value Metrics in Detail

ANALYSIS: With an Obermatt Value Rank of 95 (better than 95% compared with alternatives) for 2025, Heartland Group shares are significantly less expensive than comparable stocks. The Value Rank is based on consolidating four value indicators that are all above average for Heartland Group. Price-to-Sales is 77 which means that the stock price compared with what market professionals expect for future sales is lower than for 77% of comparable companies, indicating a good value for Heartland Group's revenue size. The same is valid for expected Price-to-Profits, more favorable than for 76% of alternatives, and this is also true for the Price-to-Book capital ratio (also referred to as market-to-book ratio) with a Price-to-Capital Rank of 82. Compared with other companies in the same industry, dividend yields of Heartland Group are expected to be higher than for 98% of all competitors (a Dividend Yield rank of 98). ...read more

RECOMMENDATION: The overall picture with a consolidated Value Rank of 95, is a buy recommendation based on Heartland Group's stock price compared with the company's operational size and dividend yields. Since all value metrics are above the industry average, there is no objection to investing in Heartland Group based on its detailed value metrics. We recommend further analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks, including the 360° View, before making an investment decision. ...read more

VALUE METRICS	2022	2023	2024	2025
PRICE VS. REVENUES (P/S)
PRICE VS. REVENUES (P/S)	23	44	76	77
PRICE VS. PROFITS (P/E)
PRICE VS. PROFITS (P/E)	21	76	85	76
PRICE VS. CAPITAL (Market-to-Book)
PRICE VS. CAPITAL (Market-to-Book)	10	34	66	82
DIVIDEND YIELD
DIVIDEND YIELD	92	94	100	98
CONSOLIDATED RANK: VALUE
CONSOLIDATED RANK: VALUE	23	70	95	95

Last update of Value Rank: 31-Jul-2025. Stock analysis on value ratios: The higher the rank, the lower the value ratio of Heartland Group; except for dividend yield where the rank is higher, the higher the yield.

Growth Metrics in Detail

ANALYSIS: With an Obermatt Growth Rank of 4 (better than 4% compared with alternatives), Heartland Group shows one of the most restricted growth dynamics in its industry. There is little momentum in this company. The Growth Rank is based on consolidating four value indicators, with three out of four indicators below average for Heartland Group. Only Capital Growth has a good rank of 100, which means that currently professionals expect the company to grow its invested capital more than 1% of its competitors. The other three indicators are pointing South: Sales Growth has a rank of 9 which means that currently professionals expect the company to grow less than 91% of its competitors. Profit Growth with a rank of 1 and Stock Returns with a rank of 3 are also low (below 97% of alternative investments). ...read more

RECOMMENDATION: The overall picture with a consolidated Growth Rank of 4, is a sell recommendation for growth and momentum investors. The good news from the invested capital side is surprising. A company with disappointing revenues, profits, and disappointed shareholders typically doesn't invest above average. Overall, the growth momentum for Heartland Group is thus negative. As it is intriguing to see that company executives are optimistic about their investment policy, it is worthwhile looking into the details of the capital investment projects. They may indicate future growth and profits and thus if accompanied by a good value, a sign of good timing to invest in the stock. While momentum is a popular investment factor, the value aspect might be the more important one, in the longer term. We recommend analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks to arrive at a 360° View of the stock purchase case, especially since the growth performance is limited here. ...read more

GROWTH METRICS	2022	2023	2024	2025
REVENUE GROWTH
REVENUE GROWTH	57	82	82	9
PROFIT GROWTH
PROFIT GROWTH	36	48	4	1
CAPITAL GROWTH
CAPITAL GROWTH	87	100	100	100
STOCK RETURNS
STOCK RETURNS	89	1	1	3
CONSOLIDATED RANK: GROWTH
CONSOLIDATED RANK: GROWTH	84	71	43	4

Last update of Growth Rank: 31-Jul-2025. Stock analysis on growth metrics: The higher the rank, the higher the growth and returns of Heartland Group.

Safety Metrics in Detail

ANALYSIS: With an Obermatt Safety Rank of 24 (better than 24% compared with alternatives), the company Heartland Group has much riskier financing practices than comparable other companies, which means that their overall debt burden is significantly above the industry average. This doesn't mean that the business of Heartland Group is also risky, it only means that the company is on the riskier side in respect to bankruptcy in case things turn sour, assuming that public reporting is correct. The Safety Rank is based on consolidating three financing indicators, with just one indicator above average for Heartland Group and the other two below average. Refinancing is at 58, meaning the portion of the debt about to be refinanced is below average. It has less debt in the refinancing stage than 58% of its competitors. But Leverage is high with a rank of 22, meaning the company has an above-average debt-to-equity ratio. It has more debt than 78% of its competitors. Liquidity is also on the riskier side with a rank of 35, meaning the company generates less profit to service its debt than 65% of its competitors. ...read more

RECOMMENDATION: With a consolidated Safety Rank of 24 (worse than 76% compared with alternatives), Heartland Group has a financing structure that is significantly riskier than that of its competitors. A good Refinancing Rank means that the problems of the company may not be around the corner. But high Leverage is only good if things go well, and low Liquidity is a signal for caution. The financing signals for Heartland Group are on the riskier side, requiring the company's future to be on the safer side. Investors may want to look at Growth and Sentiment ranks before making an investment decision. In the long-term, investors may have a debt challenge with Heartland Group and should also compare Obermatt’s Value, Growth, and Sentiment Ranks before making a decision. ...read more

SAFETY METRICS	2022	2023	2024	2025
LEVERAGE
LEVERAGE	14	12	13	22
REFINANCING
REFINANCING	1	63	49	58
LIQUIDITY
LIQUIDITY	33	25	44	35
CONSOLIDATED RANK: SAFETY
CONSOLIDATED RANK: SAFETY	15	14	10	24

Last update of Safety Rank: 31-Jul-2025. Stock analysis on safety metrics: The higher the rank, the lower the leverage of Heartland Group and the more cash is available to service its debt.

Sentiment Metrics in Detail

SENTIMENT	2022	2023	2024	2025
ANALYST OPINIONS
ANALYST OPINIONS	n/a	55	49	^new
OPINIONS CHANGE
OPINIONS CHANGE	50	6	50	^new
PRO HOLDINGS
PRO HOLDINGS	20	30	35	^new
MARKET PULSE
MARKET PULSE	22	25	9	^new
CONSOLIDATED RANK: SENTIMENT
CONSOLIDATED RANK: SENTIMENT	14	6	17	^new

Last update of Sentiment Rank: 31-Jul-2025. Stock analysis on sentiment metrics: The higher the rank, the more positive the sentiment for Heartland Group.
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