We sold JBH in August after the trading update for July showed a decent slowdown in like-for-like sales growth, which led to negative earnings revisions. However, as we’ve discussed earlier if markets are pricing in the worst case scenario for interest rates and the Australian consumer JBH is well positioned moving into the Christmas period. This remains a premium retailer which is trading well below its 2025 and 2026 highs.
If we decide to venture back into the Australian retail space, we are weighing up HVN or JBH as the best way forward.
- We like the risk/reward towards JBH initially targeting a retest of $85, or ~20% higher.
MM is now bullish towards JBH around $70
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