Financials JB Hi-Fi Limited OTC Markets

Equities

JBHHY

US47215W1018

Computer & Electronics Retailers

Market Closed - OTC Markets Other stock markets 08:26:36 29/12/2023 pm IST			5-day change	1st Jan Change
35.69 ^USD	-.--%		-.--%	-.--%

21/05	Macquarie Upgrades JB Hi-Fi to Outperform From Neutral, Price Target is AU$63	MT
10/05	Jarden Adjusts JB Hi-Fi Price Target to AU$50.50 from AU$50.80, Keeps at Underweight	MT

Valuation

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,970	4,943	5,811	4,218	4,783	6,392	-	-
Enterprise Value (EV) ¹	3,290	5,434	6,179	4,696	5,261	6,755	6,651	6,591
P/E ratio	11.9 x	16.4 x	11.6 x	8.06 x	9.12 x	15.1 x	15.6 x	14.9 x
Yield	5.49%	4.39%	5.67%	8.22%	7.13%	4.33%	4.25%	4.42%
Capitalization / Revenue	0.42 x	0.62 x	0.65 x	0.46 x	0.5 x	0.67 x	0.65 x	0.63 x
EV / Revenue	0.46 x	0.69 x	0.69 x	0.51 x	0.55 x	0.71 x	0.68 x	0.65 x
EV / EBITDA	7.67 x	7.42 x	6.43 x	4.63 x	5.3 x	7.86 x	7.74 x	7.43 x
EV / FCF	13.6 x	5.79 x	12.3 x	8.24 x	8.16 x	14.1 x	13.9 x	14.3 x
FCF Yield	7.37%	17.3%	8.11%	12.1%	12.3%	7.07%	7.19%	7.01%
Price to Book	2.87 x	4.51 x	4.44 x	3.42 x	3.37 x	4.14 x	3.84 x	3.52 x
Nbr of stocks (in thousands)	1,14,883	1,14,883	1,14,883	1,09,660	1,09,334	1,09,340	-	-
Reference price ²	25.85	43.03	50.58	38.46	43.75	58.46	58.46	58.46
Announcement Date	11/08/19	16/08/20	15/08/21	14/08/22	13/08/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	7,095	7,919	8,916	9,232	9,626	9,551	9,833	10,201
EBITDA ¹	429.1	732.3	961.6	1,014	993.2	859.7	858.8	887.3
EBIT ¹	372.8	486.5	743.1	794.6	769	623.2	614.5	636.9
Operating Margin	5.25%	6.14%	8.33%	8.61%	7.99%	6.53%	6.25%	6.24%
Earnings before Tax (EBT) ¹	359.3	448	720	775.3	747.1	605.1	578.6	596.2
Net income ¹	249.8	302.3	506.1	544.9	524.6	423.2	411.3	425.5
Net margin	3.52%	3.82%	5.68%	5.9%	5.45%	4.43%	4.18%	4.17%
EPS ²	2.174	2.631	4.378	4.774	4.799	3.860	3.759	3.915
Free Cash Flow ¹	242.3	938.2	501	569.8	644.7	477.7	478.2	461.8
FCF margin	3.41%	11.85%	5.62%	6.17%	6.7%	5%	4.86%	4.53%
FCF Conversion (EBITDA)	56.47%	128.12%	52.1%	56.2%	64.91%	55.56%	55.68%	52.04%
FCF Conversion (Net income)	97%	310.35%	98.99%	104.57%	122.89%	112.86%	116.26%	108.52%
Dividend per Share ²	1.420	1.890	2.870	3.160	3.120	2.530	2.484	2.586
Announcement Date	11/08/19	16/08/20	15/08/21	14/08/22	13/08/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June	2020 S1	2020 S2	2021 S1	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1	2025 S2
Net sales ¹	3,995	3,924	4,941	3,975	2,431	2,431	4,862	2,185	2,185	4,370	5,278	4,348	5,162	4,438	5,248	4,392
EBITDA	281.9	360.2	571.9	389.7	-	-	529	-	-	484.9	592.6	400.6	505.2	358.5	-	-
EBIT	263	223.5	462.8	280.3	-	-	420.5	-	-	374.1	479.2	289.8	386.7	234.1	370.9	217.2
Operating Margin	6.58%	5.7%	9.37%	7.05%	-	-	8.65%	-	-	8.56%	9.08%	6.67%	7.49%	5.27%	7.07%	4.95%
Earnings before Tax (EBT)	245.2	-	450.5	269.5	-	-	410.5	-	-	364.8	470.2	276.9	377.3	-	-	-
Net income	170.6	131.7	317.7	188.4	-	-	287.9	-	-	257	329.9	194.7	264.3	153.2	265.2	159
Net margin	4.27%	3.36%	6.43%	4.74%	-	-	5.92%	-	-	5.88%	6.25%	4.48%	5.12%	3.45%	5.05%	3.62%
EPS	1.485	-	2.747	1.631	-	-	2.496	-	-	2.278	3.006	1.793	2.408	1.401	2.418	-
Dividend per Share	0.9900	0.9000	1.800	1.070	-	-	1.630	-	-	1.530	1.970	1.150	-	0.9000	-	-
Announcement Date	09/02/20	16/08/20	14/02/21	15/08/21	13/11/21	13/02/22	13/02/22	14/05/22	14/08/22	14/08/22	12/02/23	13/08/23	11/02/24	-	-	-

¹AUD in Million

Estimates

Balance Sheet Analysis

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	320	490	368	479	478	363	259	199
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.7455 x	0.6693 x	0.3828 x	0.4722 x	0.4811 x	0.4226 x	0.3019 x	0.2239 x
Free Cash Flow ¹	242	938	501	570	645	478	478	462
ROE (net income / shareholders' equity)	23.8%	31%	38.5%	42.1%	38.9%	27.9%	25.9%	24.9%
ROA (Net income/ Total Assets)	9.28%	11.6%	14.3%	17.3%	16.4%	12.1%	11.7%	11.8%
Assets ¹	2,693	2,598	3,540	3,154	3,198	3,484	3,519	3,599
Book Value Per Share ²	8.990	9.530	11.40	11.30	13.00	14.10	15.20	16.60
Cash Flow per Share ²	2.600	8.460	4.830	5.490	6.550	6.170	5.970	6.000
Capex ¹	59.3	43.1	57.7	57.6	71.7	77.5	77.6	79
Capex / Sales	0.84%	0.54%	0.65%	0.62%	0.74%	0.81%	0.79%	0.77%
Announcement Date	11/08/19	16/08/20	15/08/21	14/08/22	13/08/23	-	-	-

¹AUD in Million²AUD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for JB Hi-Fi Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

58.46 AUD

Average target price

56.75 AUD

Spread / Average Target

-2.93%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Computer & Electronics Retailers

	1st Jan change	Capi.
BEST BUY CO., INC.	+11.06%	18.35B
MOBILE WORLD INVESTMENT CORPORATION	+49.53%	3.65B
UNITED ELECTRONICS COMPANY	+5.35%	1.87B
BIC CAMERA INC.	+14.43%	1.71B
CECONOMY AG	+30.61%	1.63B
ARLO TECHNOLOGIES, INC.	+49.68%	1.39B
NOJIMA CORPORATION	-0.17%	1.1B
CURRYS PLC	+57.92%	1.09B
EDION CORPORATION	-0.51%	1.05B

Other Computer & Electronics Retailers