JBH is a high-quality retailer with a great model hence the stock’s relative resilience over the last 12 months. Because they are generally better than their competitors, market share gains have offset weaker sales across the categories they operate in. They’re also good financial managers which has helped to drive margin improvement over time, but we question whether or not these tailwinds can be as influential from here.
- We believe JBH is a quality business but in our opinion, the upcoming result on the 14th is a risk event given the stock has rallied into it, the market simply has positive expectations of this serial outperformer.
MM is neutral toward JBH
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