We value at 46x on Mar-21 EPS, arriving at a TP of Rs 1,739. JFLs 4Q performance was mixed with modest SSG growth and healthy internals. We remain bullish on JFL, this quarter does not impair our long-term thesis. Instead, our confidence rises based on managements commentary on (a) Initiatives undertaken in technology, (b) Reimaging stores (design, self-ordering kiosks etc.) and (c) Beefing up Dominos menu with beverages (in-house brands).