JB Hi-Fi: FY23 Earnings - Undeniable Resilience

About the author:

Alexander Mees
Author name:
By Alexander Mees
Job title:
Co-Head of Research and Senior Analyst
Date posted:
15 August 2023, 7:00 AM
Sectors Covered:
Gaming and Retail

  • JB Hi-Fi's (ASX:JBH) FY23 result showed again that it is a very strong retailer, with brand resilience and first class operational execution. FY23 NPAT was 6% higher than forecast due to more resilient sales and gross margins.
  • Our NPAT forecasts increase by 1% in FY24 and decline by 2% in FY25 as we increase forecast operating expenses, offset by higher sales in FY24.
  • At an FY24F PE of 13.6x, in line with the 5-year NTM P/E average of 13.9x, we retain a HOLD rating. Our target price increases 9% to (login to view).

Find out more

Download full research note

You can find further detailed analysis of company results this reporting season by browsing our reporting season tag, and view a full list of upcoming results on our Reporting Season Calendar.

If you would like more information, please contact your adviser or nearest Morgans office.

Request a call Find local branch

Disclaimer: The information contained in this report is provided to you by Morgans Financial Limited as general advice only, and is made without consideration of an individual's relevant personal circumstances. Morgans Financial Limited ABN 49 010 669 726, its related bodies corporate, directors and officers, employees, authorised representatives and agents (“Morgans”) do not accept any liability for any loss or damage arising from or in connection with any action taken or not taken on the basis of information contained in this report, or for any errors or omissions contained within. It is recommended that any persons who wish to act upon this report consult with their Morgans investment adviser before doing so.

  • Print this page
  • Copy Link