JB Hi Fi Ltd

JBH: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$84.00	Pvlh	Cqfqrwzy

JB Hi-Fi’s Strengthened Profit Margins Suggest Price Discounting Hasn’t Picked Up Yet

Johannes Faul

Jan 17, 2023

No-moat JB Hi-Fi’s first-half fiscal 2023 earnings were stronger than we expected, underpinned by sales growth and greater operating margins. We increase our fiscal 2023 EPS estimate by 10%, but our longer-term earnings estimates are virtually unchanged from fiscal 2024 onward. The improved short-term earnings outlook together with the time value of money impact, drive a 3% lift in our fair value estimate to AUD 35.50 per share.

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