JB Hi-fi was established by John Barbuto (JB) in 1974 and opened its first shop in Melbourne. In 1983, it was exchange to Bouris and Rodd who expanded the company and, later on, sold the majority of their retention to a private equity, Next Capital Pty Limited. The company’s share was floated in Australian Stock Exchange in 2003 at IPO price of $1.55.
JB Hi-Fi, has diversified its business from preponderantly selling music CDs, and is now a major retailer for televisions, audio/visual, photography, portable audio, in-car entertainment, computer/video games, DVD movies, gad snuff its and development technology equipments.
By 30 June 2009, the company currently has 123 stores in Australia and New Zealand and management has reiterated its intention to continue expanding and opening more stores to support company’s growth.
JB Hi-fi (JBH) Free exchange Flow to the unwavering 2005 -2009 (Historical)
20052006200720082009
$ 000$ 000$ 000$ 000$ 000
Sales693,943945,8211,281,8371,828,5642,327,266
EBIT*34,64944,53865,564102,249141,967
Taxes9,44211,95418,00328,87541,055
Depreciation5,2687,43910,85414,74118,749
Capex20,14229,04636,52851,57344,429
variety show in NWC14,85923,42015,35517,01711,730
FCFF**(4,526)(12,443)6,53219,52563,502
*EBIT = Net Income – Taxes – Net Interest Expense (Income)
**FCFF = EBIT – Taxes + Depreciation – Capex - Change in NWC
JB Hi-Fi (JBH) Free Cash Flow to the Firm 2010 -2015 (Forecasted)
201020112012201320142015
$ 000$ 000$ 000$ 000$ 000$ 000
Sales2,961,9783,769,7954,585,4335,330,5205,922,2356,288,229
EBIT157,037199,865243,108282,611313,982333,386
Taxes47,11159,96072,93284,78394,195100,016
Depreciation18,95719,16819,38119,59719,81520,035
Capex46,11347,86149,67551,55853,51355,541
Change in nwc7,5138,0638,6549,2889,96910,699
FCFF75,257103,150131,228156,578176,121187,165
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