External broker reports(aggregated public sources), HDFC Securities

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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.

Jubilant Foodworks

HSIE Results Daily: Jubilant FoodWorks