Prabhudas Lilladher's research report on Burger King India
Burger King reported encouraging performance with ADS recovery at 104% over FY20 ADS (Dec21 ADS at 111%). Recovery in Delivery ADS sustained its momentum at 160% (Dec21 at 166%), while 78% recovery in Dine-in ADS (Dec21 at 86%) remains a positive. With opening up of markets, management expects Dine-in share to revert back to pre-pandemic ratio of 65% in FY23. FastTrack launch of BK Café during 3Q22 (opened 18 stores) will increase occasions to breakfast and non-peak hours. BK App based delivery ecosystem continues to strengthen with 2.35mn cumulative installs (422k MAUs), 41% QoQ grown in app sales and own fleet of 177 e-delivery bikes.
Outlook
We expect turnaround in FY24 and tweak our estimates/DCF based target price of Rs220 (Rs241 earlier).
More Info
At 17:30 Burger King India was quoting at Rs 130.50, down Rs 2.50, or 1.88 percent.
It has touched an intraday high of Rs 133.25 and an intraday low of Rs 129.40.
It was trading with volumes of 106,723 shares, compared to its thirty day average of 140,349 shares, a decrease of -23.96 percent.
In the previous trading session, the share closed up 0.04 percent or Rs 0.05 at Rs 133.00.
The share touched its 52-week high Rs 189.95 and 52-week low Rs 126.15 on 02 August, 2021 and 05 May, 2021, respectively.
Currently, it is trading 31.3 percent below its 52-week high and 3.45 percent above its 52-week low.
Market capitalisation stands at Rs 5,014.49 crore.
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