External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>JUBI 4QFY24 print came below our estimates, although it surprised on the Same Store Sales Growth (SSSG) front</li><li>SSS decline of 2% was ahead of our estimate owing to better-than-expected recovery in the delivery channel, whereas the dine-in channel continues to struggle</li><li>We continue to maintain a REDUCE rating with a TP of INR 460 (30x FY26 Pre IND-AS EV/EBITDA) as current rich valuations are more than factoring in c300bps margin recovery over FY24-26 (Pre IND AS EBITDA margin expected to move from 12.6% in FY24 to 15.5% in FY26), courtesy commencement of Bangalore commissary (saving in freight costs), supply chain related savings (increased use of EV and reduction in petrol/ diesel price) and cost optimization initiatives (Project Vijay)</li></ul><p><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></p>

JUBI 4QFY24 print came below our estimates, although it surprised on the Same Store Sales Growth (SSSG) frontSSS decline of 2% was ahead of our estimate owing to better-than-expected recovery in the delivery channel, whereas the dine-in channel continues to struggleWe continue to maintain a REDUCE rating with a TP of INR 460 (30x FY26 Pre IND-AS EV/EBITDA) as current rich valuations are more than factoring in c300bps margin recovery over FY24-26 (Pre IND AS EBITDA margin expected to move from 12.6% in FY24 to 15.5% in FY26), courtesy commencement of Bangalore commissary (saving in freight costs), supply chain related savings (increased use of EV and reduction in petrol/ diesel price) and cost optimization initiatives (Project Vijay)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 (4QFY24): SSSG Recovery at the Cost of Margins. Maintain REDUCE

Jubilant Foodworks

Jubilant FoodWorks (4QFY24): SSSG Recovery at the Cost of Margins. Maintain REDUCE