JB Hi-Fi: FY23 Earnings - Undeniable Resilience

About the author:

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).

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