Ann: Results Presentation - 2024 Full Year Results, page-27

Interesting that there are a number of "Not Held" &"SELL" contributors here - my guess is that, after JBH's fairly good run-up over recent months from $60. that they were expecting a pull-back with the results (given economic stresses across retail, and lack of interest rate reduction) and were/are still hoping to get JBH cheaper.
So 8% sp rise today (as I write) was a surprise to me.
Generally it is Day#2 after a results report when we can expect a more considered response from the market - so let's see what tomorrow brings.
However, one way to look at today's results is:
- consistent result but for trimmed (-15%) profit (as one would expect in current economic circumstances)
- still growing at CPI (ie July sales)
- throwing off more cash than needed for business
- investing in growth (and in higher margin business)
- recognising shareholder interests (distributing free cashflow and franking credits)
- dominant business in its field, with ability to leverage that.

So, I expect that more investors will see less risk in JBH, and see it as a more investible and more reliable growth+yield stock. That could support a higher P/E margin than otherwise.