JB Hi-Fi's Margin Growth Kept in Check by Secular Changes and Competitive Forces
No-moat-rated JB Hi-Fi remains overvalued, trading at a 34% premium to our unchanged AUD 21.50 per share fair value estimate. JB Hi-Fi has an impressive track record of increasing sales and earnings, posting a solid 5.4% same-store sales increase in fiscal 2016. We believe a significant part of this recent growth was underpinned by a one-off event: the closure of Dick Smith’s physical store network in the second half of fiscal 2016. Dick Smith reported sales of AUD 1,320 million in fiscal 2015, ...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.
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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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