We reiterate our 18-month old BUY (we had upgraded JUBI when the stock was at Rs 636) with a revised TP of Rs 1,750 (earlier Rs 1,620) valuing JFL at 46x Mar-21 EPS. We recently hosted an investor roadshow with Pratik Pota (CEO) and Prakash Bisht (CFO) of Jubilant FoodWorks (JFL). The timing was opportune, given the investor concerns around (1) Potential plateauing after a strong recovery, (2) Rising threat from food aggregators to Dominos, (3) Breakeven, but little else understood on Dunkin Donuts, (4) Curiosity around the the Chinese QSR foray, (5) An embarrassing u-turn by the JFL Board on the recently hatched Jubilant brand royalty idea.