Fund Manager Summary
The fund managers believe that the outlook for JB Hi-Fi Ltd presents a significant opportunity for investors. In their opinion, the company's recent performance, particularly after the release of its FY24 results, indicates strong operating momentum and sales resilience that effectively counteract cost pressures. The declaration of an 80c special dividend and a robust start to FY25 have led to upgrades in consensus estimates. The fund managers continue to see long-term upside potential, anticipating that JB Hi-Fi will capture more market share in the consumer electronics sector, despite a slight moderation in stock upside at 19.6-times FY25 P/E.
Source: Trading View
Commentary From The Managers
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Pendal Group
3 Nov 2025
$103.47
Summary
- Pendal Group continues to monitor JB Hi-Fi Ltd's performance closely following the recent AGM trading update.
- JB Hi-Fi Australia reported like-for-like sales growth of +5.0%, aligning broadly with expectations.
- The Good Guys segment experienced softer sales growth at +2.4%, below consensus estimates of +4.0%.
- Pendal Group views the overall sales performance as stable, maintaining a cautious outlook.
- The divergence in sales growth between JB Hi-Fi Australia and The Good Guys is noted as a point of interest.
- Pendal Group remains committed to its investment thesis while evaluating market conditions.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Pendal Group
3 Nov 2025
$103.47
- Pendal Group continues to monitor JB Hi-Fi Ltd's performance closely following the recent AGM trading update.
- JB Hi-Fi Australia reported like-for-like sales growth of +5.0%, aligning broadly with expectations.
- The Good Guys segment experienced softer sales growth at +2.4%, below consensus estimates of +4.0%.
- Pendal Group views the overall sales performance as stable, maintaining a cautious outlook.
- The divergence in sales growth between JB Hi-Fi Australia and The Good Guys is noted as a point of interest.
- Pendal Group remains committed to its investment thesis while evaluating market conditions.
Summary
Ten Cap
30 Sept 2025
$116.00
- Ten Cap continues to hold JB Hi-Fi (JBH) due to its disciplined cost control.
- Strong balance sheet enhances stability and growth prospects.
- Operating leverage is expected to contribute positively to performance.
- As real incomes recover, demand is anticipated to stabilize.
- This stabilization is expected to support margin resilience and earnings growth.
Summary
Ten Cap
31 Aug 2025
$115.93
- Ten Cap has increased its investment in JB Hi-Fi (JBH).
- This decision aligns with Ten Cap's focus on domestic cyclicals.
- Both JB Hi-Fi and similar companies demonstrate disciplined cost control.
- They maintain solid balance sheets.
- There is potential for operating leverage as demand stabilizes.
Summary
Ten Cap
30 Apr 2025
$103.59
- JB Hi-Fi (JBH) remains one of Ten Cap's largest overweight positions.
- Despite concerns around the cyclical outlook, Ten Cap is attracted to JBH's best-in-class consumer retail offering.
- The management team at JBH has consistently performed well.
- As of April, strength in Australian electronics retailing has supported JBH.
- There is a bifurcation amongst market leaders, with JBH positioned favorably.
Summary
Yarra Capital Management
30 Sept 2024
$79.94
- JB Hi-Fi (JBH, overweight) – electronics retailer showed strong performance after FY24 results release.
- Improved operating momentum noted through 4Q24.
- Sales resilience helped offset cost pressures at JB Hi-Fi Australia and The Good Guys.
- Declared an 80c special dividend and reported a robust start to FY25.
- Consensus estimates have been upgraded following strong performance.
- Yarra Capital Management continues to see long-term upside in JB Hi-Fi.
- Expectations for JB Hi-Fi to take market share in the consumer electronics sector.
- Note that stock’s upside has moderated at 19.6-times FY25 P/E.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"While the momentum appears strong, with JB Hi-Fi declaring an 80c special dividend and showing resilience, the stock's upside seems to be moderating. Investors might find long-term potential, but caution is warranted at a 19.6-times FY25 P/E."
Last Updated: 03 Nov 2025
Query The Data
Frequently Asked Questions
Who is investing in JB Hi-Fi Ltd (ASX:JBH)?
Fund managers including Yarra Capital Management, Ten Cap and Pendal Group have invested in JB Hi-Fi Ltd (ASX:JBH).
Why do fund managers invest in JB Hi-Fi Ltd?
Fund managers invest in JB Hi-Fi Ltd due to its strong operating momentum, resilience in sales, and positive outlook following robust FY24 results. The company's ability to navigate cost pressures, declare a special dividend, and report a solid start to FY25 has led to upgrades in consensus estimates. With expectations of market share growth in the consumer electronics sector, fund managers view JB Hi-Fi as a long-term investment opportunity, despite moderated stock upside.
What happened to JB Hi-Fi Ltd (ASX:JBH)?
Fund managers are investing in JB Hi-Fi Ltd due to its disciplined cost control, strong balance sheet, and potential for operating leverage as demand stabilizes. Recent trading updates indicate solid like-for-like sales growth, particularly in JB Hi-Fi Australia, which aligns with expectations. As real incomes recover, these factors are expected to support margin resilience and earnings growth.