JB Hi-Fi’s Efficient Cost Structure Crucial in Competing With Amazon Australia, but Fully Priced In
No-moat-rated JB Hi-Fi reported group revenue and underlying earnings in line with our expectations and previous guidance. Management provided new revenue guidance of AUD 6.80 billion for fiscal 2018, in line with our previous estimate of AUD 6.83 billion. We reiterate our fair value estimate of AUD 23, leaving shares screening as slightly overvalued at current prices. Group operating margin of 5.4% was in line with our estimates. However, we maintain a cautious outlook on the potential to mater...JB Hi Fi is engaged in the retailing of home consumer products. Co. provides a range of brands with particular focus on consumer electronics, software including music, games and movies, whitegoods and appliances.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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