External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>We cut EPS estimate for FY22/FY23 by 4/1%. We value Jubilant at 55x P/E on Jun-23E (earlier Mar-23) EPS and derive a target price of INR 2,650. We believe a large part of the recovery is priced in (trading at 70x/59x P/E on FY23/24). Maintain REDUCE. Jubilant FoodWorks: Jubilants 4QFY21 was slightly weaker than expected with the company seeing a miss on revenue and margin. Revenue/EBITDA was up 14/47% YoY vs. expectation of 17/56%. SSG was at +12% (2-year CAGR at 4%) vs. HSIE +16%. LFL (excluding temporary closures) was at +15%.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We cut EPS estimate for FY22/FY23 by 4/1%. We value Jubilant at 55x P/E on Jun-23E (earlier Mar-23) EPS and derive a target price of INR 2,650. We believe a large part of the recovery is priced in (trading at 70x/59x P/E on FY23/24). Maintain REDUCE. Jubilant FoodWorks: Jubilants 4QFY21 was slightly weaker than expected with the company seeing a miss on revenue and margin. Revenue/EBITDA was up 14/47% YoY vs. expectation of 17/56%. SSG was at +12% (2-year CAGR at 4%) vs. HSIE +16%. LFL (excluding temporary closures) was at +15%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

<p>We cut our FY22E/FY23E EPS forecast by 12.5%/5.2% on account of: a) JUBI's lower than expected 4QFY21 result, and b) the effect of the lockdown so far in 1QFY22 due to the second COVID wave. The impact would have been more if not for the resilience shown in AprMay'21, as per the management commentary. Continued strong growth in the Delivery channel has meant that the severe impact on Dine-in was mitigated to some extent at the broader level. This led to ~90% recovery compared to the pre-COVID run-rate in these two months.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We cut our FY22E/FY23E EPS forecast by 12.5%/5.2% on account of: a) JUBI's lower than expected 4QFY21 result, and b) the effect of the lockdown so far in 1QFY22 due to the second COVID wave. The impact would have been more if not for the resilience shown in AprMay'21, as per the management commentary. Continued strong growth in the Delivery channel has meant that the severe impact on Dine-in was mitigated to some extent at the broader level. This led to ~90% recovery compared to the pre-COVID run-rate in these two months.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Result below our expectations, 1QFY22 resilient despite the lockdown

India

Jubilant Foodworks Ltd. owns and operates fast food chains. The Company offers donuts, baked goods, coffee, bagels, muffin, fruit milkshakes, smoothies, tea, sandwiches, pizza, and beverages. Jubilant Foodworks serves its products to customers throughout India.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Jubilant Foodworks (JUBI IN)

HSIE Results Daily: Jubilant FoodWorks

We cut EPS estimate for FY22/FY23 by 4/1%. We value Jubilant at 55x P/E on Jun-23E (earlier Mar-23) EPS and derive a target price of INR 2,650. We...

HDFC Securities

Result below our expectations, 1QFY22 resilient despite the lockdown

We cut our FY22E/FY23E EPS forecast by 12.5%/5.2% on account of: a) JUBI's lower than expected 4QFY21 result, and b) the effect of the lockdown so...

Motilal Oswal

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)