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Jubilant Foodworks - Q4FY21 investor call takeaways - YES Securities

Posted On: 2021-06-16 15:04:33 (Time Zone: UTC)


(Rating: Not Rated)

Slight miss on expectations, but store expansion, growth and margin outlook remains strong

View - While the stock is trading at rich valuations of 64x FY23 and 59x FY24 earnings and therefore might have limited near-term upside, we expect the rich valuations to sustain given increasing aggression on footprint expansion, room to increase prices to drive up margins and a strong long term growth potential with entry into multiple new brands and geographies. Any correction on valuation concerns could be a good opportunity to add the stock.

Quarter highlights - Revenue up 14.3%, EBITDA up 47% with margins up by 540bps to 24.3%, PAT up 395% from a low base, entered 8 new cities and opened a record 53 new stores in 4Q (50 Dominos, 1 each Hong's, Ekdum and Dunkin, opened 3 new stores in SL and 1 in Bangladesh, signed agreement to bring Popeyes to India and bought 33% stake in Dominos franchisee in Turkey, Russia, Azerbaijan and Georgia; LFL growth of 15.1% and SSG growth of 11.8%, delivery sales up 29% and takeaway sales up 77%; dividend of Rs 6.

Store expansion strategy - See an opportunity for 3000 Dominos stores in India, room exists in both existing and new markets, target aggressive growth over next few years, will open at least 134 stores in FY22 as well; Bangladesh expansion rate will also pick up, huge runway for Ekdum.

Margin outlook - 4Q saw inflation in cheese and edible oil which was offset partially by lower wastages; expect to maintain margins in FY22 with inflationary headwinds offset by cost measures despite aggressive expansion; no change in prices or delivery charges in 4Q.

Shares of Jubilant FoodWorks Ltd was last trading in BSE at Rs.3229.75 as compared to the previous close of Rs. 3175.4. The total number of shares traded during the day was 111926 in over 8948 trades.

The stock hit an intraday high of Rs. 3331.85 and intraday low of 3212.1. The net turnover during the day was Rs. 366741888.


Source: Equity Bulls

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