If you are hunting some good value ASX 200 stocks to buy right now, then read on.
That's because Bell Potter believes that one well-known company's shares could be seriously undervalued at current levels.
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Which ASX 200 stock?
The stock that Bell Potter is recommending to clients is JB Hi-Fi Ltd (ASX: JBH).
It is of course one of Australia's leading retailers, responsible for the JB Hi-Fi, E&S, and The Good Guys brands.
Bell Potter has been looking back on the ASX 200 stock's half-year results. It was pleased with the company's performance during the half but acknowledges that the second half has started a touch weaker than expected. It said:
JB Hi-Fi (JBH)'s 1H26 result overall from a revenue, gross/net profit and dividends perspective saw marginal beats to Consensus/BPe. Good Guys (GG) and JBH NZ were the two key stand-out performers (vs BPe), while JBH Aus's ability to maintain +5% comparable sales growth despite cycling a strong +8.8% in 2Q26 was resilient. The Jan-26 trading update (start of 2H26) of +2.4%, +16.7% and +2.7% in comparable sales growth for JBH Aus, NZ and GG respectively saw NZ tracking ahead of BPe, however JB Aus, GG and e&s slightly behind BPe.
In light of this, the broker has trimmed its earnings estimates slightly. It adds:
We make changes to our revenue assumptions factoring in the Jan trading update and the upcoming challenging comps in 4Q26 as JBH Aus cycles +8.2% comparable sales during the seasonal quarter driven by the Nintendo Switch 2 sales (post launch in Jun-25). We also apply some conservatism through our medium-term forecasts to see our revised revenue estimates growing by 4-5% in FY27/28 and some market share related investments in margins to see largely flat GM/EBIT margins (GM ~22% for JBH Aus, ~23% for GG, ~17% for JBH NZ and ~29% for e&s). […] The net result sees our NPAT forecasts -1%/-4%/-8% for FY26/27/28e.
Could be worth $90 per share
According to the note, Bell Potter has retained its buy rating on JB Hi-Fi's shares with a lowered price target of $90.00.
Based on its current share price of $71.70, this implies potential upside of over 25% for investors over the next 12 months.
In addition, it is expecting a 4.7% dividend yield in FY 2026, boosting the total potential return to approximately 30%.
Commenting on its buy recommendation, the broker said:
Our PT decreases by 24% to $90.00 (prev. $119.00). Along with our earnings revisions, we also reduce our target P/E multiple by 30% to ~19x (prev. 27x) on a blended FY26/27e basis (skewed to FY27e). Our target multiple is driven by a ~12% premium applied to the current trading multiple. We see some defensiveness in the name with the semi-discretionary characteristics as stretched consumer wallets take a larger share in technology products, to retain our view of JBH as one of the key preferences within our sector coverage.
The stock continues to trade at an 18-month low on a ~17x FY26e P/E (BPe), and we see valuation support considering the relative defensiveness and margin levers in the business model.
