2 figures are a good summary of JBH results :- free cash flow...

2 figures are a good summary of JBH results :
- free cash flow increased by 220 % yoy (cash flow pre AASB 16)
- ROIC went from 27.3 % to 51.3 % (source : company).

These increases are quite unique for a business which is already quite mature.
Of course, there was one substantial one offs which partly explains these figures.
Working capital decreased by $363 m, while sales increased by 12 %.
This is unusual for JBH (usually working capital increases with sales) and is mainly explained by the fact that there were supply shortages which affected inventories and payables (replenished inventory at the end of the quarter).

So I tried to exclude this element (working capital decrease) to calculate the above ratios.
In that case, we get a free cash flow yield of 6.4 % and a ROIC of 38.2 % (using my own way to calculate ROIC).
These are still very decent figures.
More interesting : their ROIC increased from 27.3 % in FY 19 to 38.2 % in FY 20.
That's still a surprising improvement due to an increase of their operating profit (+ 30.5 %) and some decrease of their invested capital.

Looking at the valuation, the stock looks quite cheap as its P/B does not reflect the existing level of ROIC, while there is a potential for further improvement, in particular for Good Guys.
Regarding the quality of the earnings, also interesting to note that the company did not receive jobkeepers (just some support in NZ). Together, all the financial support they received in Australia and NZ represented less than 1 % of their operating profit.