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Joyce Corporation (JYC) Fair Value & Analysis

Consumer Cyclical · AU · Market cap A$176M

JC Joyce Corporation JYC · AU
PriceA$6.50
Fair ValueA$5.47
Upside-15.9%
Quality75/100
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Mixed Growth
Thin margins · 6.0% net margin
Low debt · generates free cash flow
4.11% dividend yield
Ranks above peers (9/14)
Wide moat 72/100
Evidence: Medium Range A$4.10 – A$6.83 Share as image

Fair value as of: Jul 16, 2026

From 26 valuation models · updated 26 days ago

Share price +10.2% over the past month.

A strong business, but screening 16% overvalued on our models.

What matters now

  • A high-quality business (quality 75/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
  • Our model range runs from A$4.10 (bear) to A$6.83 (bull), base A$5.47. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 75/100 (high quality) with medium evidence: read the verdict with care.
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Price vs Fair Value (5 years)

A$6.75 A$1.69 Fair Value A$5.47 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

60‑month range A$1.69 – A$6.75 · fair‑value band A$4.10 – A$6.83 · the A$6.50 price screens above the A$5.47 fair value. Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

Joyce Corporation (JYC) currently trades at A$6.50, while our model-based Fair Value estimate is A$5.47, implying the stock looks roughly 15.9% overvalued today. The Quality Score stands at 75/100 (high quality), in the Consumer Cyclical sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, Joyce Corporation generated revenue of A$156M at a net margin of 6.0%. Revenue grew 11.2% year over year. It earns a return on equity of 47.3%. The balance sheet holds a net cash position of A$10.4M. Fundamentals as of Jul 16, 2026

Our scenario range runs from A$4.10 (bear case) to A$6.83 (bull case); at A$6.50, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 59% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -24% fair-value upside, at -16%, JYC screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF A$8.67 A$12.21 A$16.81 80
Residual Income A$1.25 A$1.53 A$2.83 76
Rev-Margin DCF A$6.78 A$9.73 A$13.45 74
All 26 models by family
DCF Models
FCF DCF A$8.78 A$12.81 A$18.41 38
Owner Earnings A$5.35 A$7.53 A$10.55 31
5Y Revenue Exit A$6.78 A$9.69 A$13.43 39
5Y EBITDA Exit A$9.04 A$14.23 A$20.56 41
5Y P/E Exit A$6.57 A$9.26 A$12.17 38
10Y Revenue Exit A$7.43 A$10.18 A$14.02 36
10Y EBITDA Exit A$8.80 A$12.98 A$18.99 37
10Y P/E Exit A$7.41 A$9.91 A$13.14 35
Earnings-Based
Graham-Dodd A$1.69 A$7.23 A$9.87 54
Lynch FV A$1.85 A$2.64 A$3.43 50
PEG = 1.0 A$1.85 A$2.64 A$3.43 46
EPV A$4.59 A$4.98 A$5.30 59
Dividend Discount
Gordon GGM A$3.73 A$6.24 A$8.10 70
DDM Multi-Stage A$3.73 A$5.92 A$6.71 61
Multiples
P/E Multiple A$4.10 A$5.47 A$6.83 63
P/S Multiple A$3.17 A$4.22 A$5.28 58
P/B Multiple A$3.17 A$4.22 A$5.28 55
EV/EBIT A$10.45 A$13.50 A$16.54 53
EV/EBITDA A$10.12 A$13.05 A$15.99 54
EV/Revenue A$5.54 A$7.34 A$9.14 43
Asset-Based
NCAV (Graham) A$0.5900 A$0.7900 A$1.17 50
Growth DCF
Growth DCF A$8.67 A$12.21 A$16.81 80
Rev-Margin DCF A$6.78 A$9.73 A$13.45 74
Economic Profit
Residual Income A$1.25 A$1.53 A$2.83 76
ROIC Compounder A$4.59 A$4.98 A$5.30 72
Growth Earnings
Growth-Adj P/E A$3.19 A$4.55 A$5.92 68

Widest divergence: DCF Models (A$9.91) versus Asset-Based (A$0.7900). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) A$156M
Revenue growth (YoY) +11.2%
Net margin 6.0%
Return on equity 47.3%
Free cash flow A$24.3M FY2025
P/E ratio 18.6
More key figures
Operating margin 18.2%
EPS (TTM) A$0.3200
Dividend yield 4.1%
EPS growth (YoY) +66.7%
Net cash A$10.4M FY2025

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 75/100

Of which business quality 73 · Market factors (momentum, volatility) 80

Profitability 72
Margins and returns on capital today
Quality Growth 40
Are margins and returns improving?
Cashflow 82
Earnings quality: real cash, not paper profit
Fin. Strength 89
Balance sheet, leverage, solvency risk
Investment 82
Disciplined investing over empire-building
Low Volatility 86
Calm price path (market factor)
Momentum 69
Price trend over the last 3–12 months (market factor)
52W Momentum 92
Distance to the 52-week high (market factor)
Net Issuance 68
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Joyce Corporation Ltd retails kitchen and wardrobe products in Australia. It owns and operates Bedshed retail stores; and franchises Bedshed retail bedding stores. The company also operates kitchen and wardrobe showrooms under the Kitchen Connection and Wallspan brand names. Joyce Corporation Ltd was founded in 1886 and is based in Perth, Australia.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Joyce Corporation reported revenue of A$148M in FY2025 versus A$111M in FY2021, a compound +7.4%/yr. Reported net income was A$7.3M in FY2025, compounding −0.8%/yr from FY2021.

Growth Quality 80/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
A$148M
Latest YoY
+1.8%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.7%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+11.1%
Avg. growth/yr (36Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+0.6%
Revenue +7.4%/yr
FY21 A$111M
FY22 A$129M
FY23 A$145M
FY24 A$146M
FY25 A$148M
Net income −0.8%/yr
FY21 A$7.6M
FY22 A$9.1M
FY23 A$7.9M
FY24 A$8.9M
FY25 A$7.3M
Character of growth · EPS growth decomposed (2014-2025) +11.9 % p.a.
Revenue per share +17.3 pp

of which total revenue +17.9 pp · buybacks/dilution −0.6 pp

EBIT margin +6.4 pp
Tax rate −3.2 pp
Residual (interest, one-offs) −8.4 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

JYC screens 16% overvalued. Compare with Casey's General Stores, Inc →

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Cite: Fair Value Calculator (2026). "Joyce Corporation Fair Value". https://www.fairvalue-calculator.com/stock/JYC

Peer Group

Specialty Retail · 221 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 75 · Top 25%
Fair Value upside −16% · Below median
Return on equity (TTM) 47% · Top 25%
Return on assets 18% · Top 25%
Net margin (TTM) 6% · Top 25%
Operating margin (TTM) 18% · Top 25%
Revenue growth 11% · Top 25%
Dividend yield (TTM) 4.1% · Above median

Valuation Multiples vs Specialty Retail median · lower = cheaper

P/E (TTM) 18.6× · Pricier than median
P/B 3.58× · Pricier than 75% of peers
P/S (TTM) 0.80× · Pricier than median
P/FCF 5.1× · Pricier than median
EV/EBITDA 3.0× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 12 · sector 29
FUTURE 56 · sector 23
PAST 100 · sector 27
HEALTH 100 · sector 94
DIVIDEND 82 · sector 51

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Specialty Retail stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

Stock Price Fair Value vs Fair Value
Casey's General Stores, Inc CASY $827.04 $405.44 -51%
Williams-Sonoma, Inc WSM $222.84 $164.16 -26%
Ulta Beauty, Inc ULTA $479.57 $488.39 +2%
DICK'S Sporting Goods, Inc DKS $208.89 $181.10 -13%
Best Buy Co BBY $83.98 $109.12 +30%
China Tourism Group 601888 ¥52.90 ¥40.40 -24%
Tractor Supply Company TSCO $31.01 $35.52 +15%
Murphy USA Inc MUSA $618.57 $423.35 -32%
Five Below, Inc FIVE $197.71 $117.29 -41%
Taiwan Mobile Co 3045 110.50 TWD 80.98 TWD -27%

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Frequently asked questions

Is Joyce Corporation (JYC) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of A$5.47 versus a price of A$6.50, about −16% (overvalued).
What is the fair value of JYC?
Our model-based fair value for Joyce Corporation is A$5.47 (as of Jul 16, 2026), built from audited fundamentals. The current price is A$6.50.
What is the quality score of JYC?
Joyce Corporation has a Quality Score of 75/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Joyce Corporation (JYC)?
Joyce Corporation reported trailing-twelve-month revenue of about A$156M (latest available figure, as of Jul 16, 2026).
What is the net profit margin of JYC?
The net profit margin of Joyce Corporation is about 6.0%, meaning it keeps roughly 6.0% of revenue as net income. Based on the latest reported figures.
Does Joyce Corporation pay a dividend?
Joyce Corporation currently shows a dividend yield of about 4.05% relative to its recent price (as of Jul 16, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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