Household name and favourite store of many JBH has been sold off aggressively in 2022 with a top to bottom decline of ~35%. Like so many companies the stock feels cheap trading on 9.5x Est earnings for 2022 plus a forecast yield in excess of 5% is attractive on most metrics. However while the market’s pricing in a strong possibility of a recession it’s hard to see much upside and while this is clearly a quality stock, we feel it’s suffering partially because it’s been most investors preferred exposure to the sector making it a touch “crowded”.
- JBH looks 50-50 around the $40 region, we can see a range through the remainder of 2022 of $35 – $42 and will consider investing accordingly.
MM likes JBH into fresh 2022 lows
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