Buy Jubilant Foodworks; target of Rs 720: Motilal Oswal

Rama Steel Tubes: Nomura Singapore buys 1 lakh shares in Rama Steel Tubes. Nomura Singapore bought 1 lakh equity shares in the company via open market transactions on June 15. These shares were acquired at an average price of Rs 371 per share.

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Motilal Oswal's research report on Jubilant Foodworks

Jubilant Foodworks (JUBI) was granted the master franchise rights for the fried chicken brand, Popeyes Louisiana Kitchen (PLK) in Mar’21. In this report, we will look at: a) PLK’s history, b) the brand’s recent international store expansion trajectory, c) its operating model in India, and d) the areas where potential synergies with JUBI exist. We will also present the findings from our visits to PLK stores in Bengaluru.

Outlook

We maintain our BUY rating and value the stock at 40x Jun’24E pre-IND AS 116 EV/EBITDA to arrive at our TP of INR720.

For all recommendations report, click here

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Jubilant Foodworks - 030822 - moti