We initiate coverage on Jubilant Foodworks (JUBI) with a BUY rating and target price of Rs 1,836 based on 40X FY22E EPS. We have done survey of 5k brands/restaurants (both online and offline) in the top 16 cities (represents 65% of Dominos revenue in India) and note that; (i) optically, cloud kitchen retailers are posing competitive threat to JUBI by expanding aggressively in cities where Dominos has maximum presence (ii) in reality, JUBI outperforms competition at menu level (product, price and variety) (iii) benefit of economy-of-scale and control over entire value chain enables JUBI to remain anti-fragile to competition. Foray into Chinese cuisine with high focus on value...