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.
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.
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