AU : JB Hi-Fi - ‘Heightened customer demand’ continues; Earnings estimates increased

JBH continues to experience strong sales growth driven by ‘heightened customer demand’. Its latest trading update shows comparable sales growth accelerated in February and March, with JB Hi-Fi Australia particularly robust. We have increased our comparable sales growth forecast at the group level by 200 bp from a decline of (0.3)% to positive growth of +1.7%. This, combined with higher margin estimates, pushes up our FY22 EBITDA forecast up by 5%. We reiterate our ADD rating, with an increased target price of $58.00.