Jubilant FoodWorks - No Catalysts; Maintain SELL - Emkay

- SSG would continue to witness downward trend (SSG growth has moderated from 37% in Q1FY12 to 22% in Q1FY13). We expect SSG growth to be in the range of 18-20% till Q4FY13E

- With Donuts being a new category for India, Dunkins will require more time to stabilize and won't contribute significantly to sales in near term.

- With further deterioration in volume growth, JFL is likely to increase promotional spends. This certainly would impact Ebidta margins

- As SSG remains under pressure and Dunkin Donut requiring more time to stabilize. Maintain SELL with price target of Rs1000/Share (30X FY14E Earnings).

Source : Equity Bulls

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