JBH is only down 7.2% so far in 2025, outperforming the ASX in the process; however, it has corrected almost 23% from its blow-off top in February. We continue to believe that JBH is a quality retailer, arguably the best on the local bourse. However, the question is: what is a fair price, given that the risks of a recession have increased significantly? The stock remains well above its average valuation over the last five years. We love the business, but it still feels rich under the current circumstances.
- We continue to like JBH back around $80, or 6-8% lower, a minor pullback in today’s market: JBH remains in the Hit List of our Active Growth Portfolio.
There is a “switch” possibility between MGR and JBH if the former outperform in the coming days/weeks.
MM is bullish toward JBH in the medium-term
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