We had a sell on JBH around $20 with target price of $15 soon after the budget. Recent update and macro headwinds suggest that JBH will most likely go lower in the short term. You can't fight the macro when you are a cyclical.
I think the uptick was mainly short covering after AGM comments. The weakness since then shows that the market is not willing to buy at these multiples given the headwinds. Even on a relative basis, DSH offers better store rollout growth story in similar space at lower multiple.
I would also argue that they are also facing some major structural headwinds as well. The iPhone release was on the 17th of September and you would have expected to stock to rally ahead of that news (which it didn't). A slight uptick following the AGM commentary but it does look weak.