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Could it be time to buy Transurban Group, Cochlear Limited and JB Hi-Fi Limited?

Leading toll road operator Transurban Group (ASX: TCL) and bionic ear manufacturer Cochlear Limited (ASX: COH) have both reported results which have sent their respective share prices to new 52-week highs. In contrast, leading electronics retailer JB Hi-Fi Limited (ASX: JBH) released a set of results which sent its share price in the opposite direction, down to a new 52-week low.

The question for investors now is: what is the outlook for these three businesses and is it already factored into the share prices?

Outlook

Having reported sales growth of 15%, investors appear torn in their outlook for Cochlear. While some take a big picture view and see decent growth rates ahead, others remain concerned that competitors are chipping away at Cochlear’s market share.

Transurban grew its toll revenues by 13% over the year to $906.5 million. The end of the construction phase on many of its roads means the group is now set for a growth phase in earnings. For the 2014 financial year this led to a 44.5% rise in profit with expectations of more growth to come next year.

JB Hi-Fi reported a 5% increase in sales and a 10% increase in profits. Given the weak state of consumer sentiment, JB Hi-Fi’s result was pretty good, however it failed to inspire investors as an update on trading for July reported a 5.5% decline in comparable store sales which doesn’t bode well for the FY 2015 outlook.

Value

Given the hefty multiples that Transurban and Cochlear are trading on it’s hard to get overly excited by these stocks at current price levels or view them as buying opportunities. In contrast, JB Hi-Fi’s beaten-down share price and reasonable operating results makes it worth a place on the watch list at the very least.

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Motley Fool contributor Tim McArthur does not own shares in any of the companies mentioned in this article.

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