Prabhudas Lilladher's research report on Jubilant FoodWorks
We are increasing FY22EPS by 2.6% on account of easing restrictions, strong festive demand and T20 world cup, however we are cutting FY23 EPS by 1.6% on account of higher personel cost and launch of popeyes. We beleive 2Q Dine-in recovery at 46.9% provides strong headroom for growth as post covid delivery sales are expected to settle at higher than pre covid levels despite moderation in ticket size from the peak levels.
We maintain Accumulte with a DCF based target price of Rs 4111 (Rs 4135 earlier), although we expect back ended returns post ~30% run up in past 3 months.
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