JD has traded well in the first 19 weeks of the year, suggesting the growth trends previously reported, including strong consumer demand for sports footwear, have continued. Although comps are difficult for the remainder of the year, and although they flag that JD margins in Europe will be impacted by FX, management says it remains confident in meeting FY market expectations overall. Having enjoyed a strong run over the past year the shares now trade of 16x (>8x EV/EBITDA). As noted in previous ....
