JB Hi Fi Ltd

JBH: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$64.00	Smdkv	Pfqjqxv

JB Hi-Fi’s Sales Momentum Weakened During the First Half, and We Expect More Slowing in the Second

Johannes Faul

Feb 13, 2023

We maintain our earnings forecasts and AUD 35.50 fair value estimate for no-moat JB Hi-Fi. First-half fiscal 2023 results had been effectively prereleased on Jan. 17, 2023, including 9% sales growth to AUD 5.3 billion and 14% EBIT growth to AUD 479 million. See our note published the same day: "JB Hi-Fi’s Strengthened Profit Margins Suggest Price Discounting Hasn’t Picked Up Yet."

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