Established in Melbourne in 1974 and listed on the ASX in 2003, JB Hi-Fi has 5 stores in the ACT, 63 in NSW, 2 in the Northern Territory, 40 in Queensland, 12 in SA, 3 in Tasmania, 56 in Victoria, 24 in WA, as well as stores in New Zealand. In August 2018, JB Hi-Fi was ranked as the equal seventh-largest consumer electronics and home appliance retailer in the world.
“JBH continues to experience strong sales growth driven by heightened customer demand,” Raymond said.
“Its latest trading update shows comparable sales growth accelerated in February and March, with JB Hi-Fi Australia particularly robust.
“We have increased our comparable sales growth forecast at the group level by 200 basis points from a decline of (0.3)% to positive growth of 1.7%.
“Combined with higher margin estimates, this pushes up our FY22 EBITDA forecast by 5%.
“We reiterate our ADD rating, with an increased target price of $58,” Raymond concluded.
JB Hi-Fi Limited (JBH)
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