We are not concerned about the integration of The Good Guys or that like-for-like sales growth may moderate from here as the group cycles the more intense tailwinds from the demise of Dick Smith Holdings. We also believe that JBH's trademark lower operating cost model (and increased power of the combined group's increased scale) positions the group well to compete domestically and against any potential offshore entrant. Key risks include: 1) increased execution risk and exposure to the housing cycle (post TGG acquisition); 2)revenue/margin pressure resulting from the unwinding of TGG's joint venture stores; 3) Amazon entering the Australian marketplace; and 4) a slow-down in consumer spending. With JBH now trading on 14.2x FY18 PE (full year contribution from TGG), we lower our recommendation to Hold. Breakdown of financials below.