26/03/2026 09:25

JB Hi-Fi Ltd (JBH) $75.59

We covered JBH after their 1H result last month Here. While we admire JBH as a business we remained on the sidelines during its “certainty trade” blow off top around $120 and during most of its subsequent 40% pullback, but we believe the stock now looks appealing from a risk/reward perspective, finally trading back around its long term average valuation, and ~20% below its 2-year average. This is a great example of how stocks go in and out of favour while nothing operationally changes while in this case an economic slowdown and higher interest rates already look priced in.

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24/03/2026 10:02

Portfolio Amendments – Active Growth Portfolio

We are making several changes to the Active Growth Portfolio

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16/02/2026 17:15

JB Hi-Fi (JBH) $82.40

JBH +7.46%: A solid 1H result, with earnings in line with expectations and the business continuing to execute well in a competitive retail environment. While January trading was softer (+2.4%) and management struck a cautious tone, the market had already priced in plenty of bad news after the stock’s recent pullback. 

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11/12/2025 09:57

JB Hi-Fi (JBH) $90.77

JBH has been smacked in the second half of 2025 as the “Certainty Trade” unwound, and investors finally paid some attention to valuations. Weakness accelerated from late October following its first-quarter update, which came in broadly in line with expectations, but the underlying message was one of resilience rather than acceleration, i.e. a continuation of solid, mature growth rather than anything to excite investors who had pushed the stock's valuation into realms of strong growth.

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30/10/2025 17:21

JB Hi-Fi (JBH) $108.45

JBH -4.47%: delivered a steady first-quarter update, broadly in line with expectations, though the underlying message was one of resilience rather than acceleration i.e. a continuation of solid, mature growth rather than anything to excite investors – and when the stock is trading on 24x, it’s easy to understand why the market wanted more…

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11/08/2025 16:45

JB Hi-Fi (JBH) $107.83

JBH –8.39% delivered a solid FY25 result with earnings coming in ahead of expectations, though a management change spooked the market which was well-positioned for a beat, so simply meeting expectations wasn’t enough with the stock selling off as much as ~10% through the session. 

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01/07/2025 09:14

JB Hi-Fi Ltd (JBH) $110.35

JBH rallied almost 20% in FY25 and has more than doubled in the last 18 months - fortunately, we enjoyed some of the move but, like many, underestimated how much the elastic band would stretch.

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20/05/2025 09:32

JB Hi-Fi Ltd (JBH) $104.17

The story with JBH is similar in the retail sector, JBH extended its 2025 advance by 1.3% on Monday, taking it up more than 12% year-to-date, while Super Retail (SUL) fell 2.5%, taking it down 8.1% year-to-date.

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08/05/2025 09:20

JB Hi-Fi (JBH) or Super Retail (SUL)

JBH experienced a sharp initial 6% decline after the retailer reported 3Q sales growth that was lower than their last update in January (6% vs 7.1% prior run-rate) with The Good Guys a major reason, although virtually all of the knee-jerk bearish reaction had evaporated by the market's close.

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08/04/2025 09:16

JB Hi-Fi Ltd (JBH) $86.00

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.

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