JB Hi Fi Ltd

JBH: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$74.00	Gffc	Jftdtntx

JB Hi-Fi Earnings: Higher Labor Costs and Intensifying Competition Crimp Margins

Johannes Faul

Feb 12, 2024

No-moat JB Hi-Fi’s underlying sales momentum improved slightly despite the cost-of-living crunch. We raise our fair value estimate by 3% to AUD 37.50 per share due to the time value of money and a 12% lift to our fiscal 2024 earnings estimates. Our earnings forecasts from fiscal 2025 are virtually unchanged.

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