Jubilant Foodworks Ltd.    
08 Sep 2020
2174.55
0.48%
Geojit BNP Paribas
With measures being taken by the Government, to boost the economy, we anticipate an increase in demand in the near term which would support operations to mitigate short term challenges. We thereby recommend Hold rating on the stock with a revised target price of Rs. 2,445 based on 64x FY22E adj. EPS. Challenging Q1; Encouraging recovery expected The revenues for JFL fell drastically by 59.5% YoY to Rs. 380cr in Q1FY21, owing to acute challenges of demand and supply on account of nation-wide lockdown and...
Jubilant Foodworks Ltd. has gained 42.78% in the last 1 Year
Jubilant Foodworks Ltd.    
03 Sep 2020
2174.55
0.48%
HDFC Securities
JK Cement: We retain BUY on JK Cement (JKCE) with a revised target price of Rs 1,635. Post untimely demise of erstwhile MD & Chairman Mr Yadupati Singhania on 13th August, his nephews Mr Raghavpat and Mr Madhavkrishna have been elevated as MD and Dy MD & CEO respectively and his mother Mrs Sushila Devi as Chairperson. In 1QFY21, JKCE's standalone net sales/EBITDA/APAT fell 27/29/50% YoY. While sharp white/putty volume loss pulled down revenue, EBITDA decline got contained on healthy pricing across markets, healthy discretionary cost controls, and lower fuel prices. APAT fall accelerated on higher capital charges. Volume momentum has improved across both business segments in 2Q, boosting earnings outlook. ONGC: Our REDUCE recommendation on ONGC with a price target of INR 78 is premised on (1) muted crude oil and gas realisations and (2) lack of production growth for oil. Despite production cuts from OPEC and non-OPEC countries, we expect oil prices to remain at USD 36/41 per barrel in FY21/22E vs. USD 63/bbl in FY20, given the weak global macros. Lower oil and gas realisations will drag down profitability for ONGC. In 1QFY21, revenue was ~8% below our expectations owing to a lower-than-anticipated crude oil price realisation of USD 28.7/bbl (vs est. USD 31.7/bbl). EBITDA was ~15% above our expectations due to lower-than-anticipated operating expenses and employee costs. However, APAT fell by ~36%, courtesy substantially lower-than-anticipated other income. Jubilant FoodWorks: Jubilant FoodWorks (Jubilant) clocked weak show amidst COVID led lockdown. Revenue declined by 60% YoY with negative SSG of 61% YoY (HSIE -54%)....
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Jubilant Foodworks Ltd. is trading above it's 200 day SMA of 1815.9
Jubilant Foodworks Ltd.    
03 Sep 2020
2174.55
0.48%
Nirmal Bang Institutional
Delivery and Takeaway leading the recovery in an uncertain environment Jubilant Foodworks' (JUBI) 1QFY21 standalone topline declined by 59.5% YoY to Rs3.8bn as against our estimate of a 49.1% YoY decline to Rs4.8bn. SSSG declined by 61.4% YoY versus our est. of a 55% YoY decline. EBITDA declined by 89% YoY to Rs241mn (est. 95.4% YoY decline to Rs101mn). Loss at PBT level stood at Rs959mn vs our estimate of Rs982mn loss. There was a deferred tax credit of Rs233mn, which meant that reported loss came in at Rs726mn (vs est. loss of Rs982mn). Gross margin expanded by 260bps YoY to 78% (vs est. 74.1%), led by pullback of discounting (JUBI has reintroduced discounts in the 2QFY21), favourable input costs and introduction of delivery charges of Rs20 at the...
Jubilant Foodworks Ltd. has gained 46.45% in the last 6 Months
Jubilant Foodworks Ltd.    
02 Sep 2020
2174.55
0.48%
Motilal Oswal
2 September 2020 Jubilant FoodWorks (JUBI)s 1QFY21 results were weaker than expected, especially in terms of operating margins. Depreciation and interest costs were also higher than anticipated. Three events underpin higher growth and profitability for JUBI beyond the (2) the introduction of delivery charge; and (3) opportunity created by the crisis to close down 105 of its least profitable (and dine-in dependent) stores. This would lead to all-time high EBITDA margins in FY22, resulting in 33% upward revision in our EPS projections for FY22. Maintain Like-for-like (LFL) growth stood at -61.5% (this refers to YoY growth in sales for non-split restaurants opened before the previous FY). LFL growth, excluding the restaurants temporarily closed due to COVID-19, stood at - 47.3%. 24 new Dominos Pizza stores were launched (net addition of 19 stores) and four stores for Dunkin Donuts were closed down in 1QFY21. Gross margins were up by 260bp YoY to 78%.
Jubilant Foodworks Ltd. has gained 42.78% in the last 1 Year
Jubilant Foodworks Ltd.    
02 Sep 2020
2174.55
0.48%
buy
Dolat Capital
Though the lock down impacted performance significantly during Q1, the company was able to recover 69.8/84.6% of the sales during July/August'20. We believe that the delivery business would gain higher traction compared to dine in in the near term. The company has introduced delivery charges which is likely to mitigate impact of increased discounts and help improve margins. JFL would close down 105 Domino stores which are not profitable...
Jubilant Foodworks Ltd. is trading above it's 200 day SMA of 1815.9
Jubilant Foodworks Ltd.    
02 Sep 2020
2174.55
0.48%
Prabhudas Lilladhar
We are cutting FY21 estimates by 23% but increase FY22 and FY23 EPS by 15.2% and 25.2% and assign Hold rating to the stock. Dominos is on a path of recovery and is likely to emerge stronger from Covid 19 scenario given that 1) Sharp recovery in delivery and takeaway in July and August (110% and...
Jubilant Foodworks Ltd. has gained 28.94% in the last 3 Months
Jubilant Foodworks Ltd.    
28 Aug 2020
2174.55
0.48%
buy
Dolat Capital
In its Annual report FY20, Jubilant Foods (JFL) continues to emphasize its 5-pillar growth strategy 1) fortress Domino's in India, 2) elevate customer experience 3) sustained technology investments 4) build portfolio of brands 5) focus on international. With a robust business model, efficient supply chain, large network, strong reputation for quality, hygiene and...
Jubilant Foodworks L.. has an average target of 1973.38 from 9 brokers.
Jubilant Foodworks Ltd.    
27 May 2020, 12:00AM
2174.55
0.48%
Geojit BNP Paribas
Given near-term challenges amidst COVID-19 situation, we cut our estimates and downgrade our rating on the stock to a ACCUMULATE, with a revised target price of Rs. 1,903 based on 55x FY22E adj. EPS. Nation-wide lockdown impacts operations JFL reported muted growth in revenue of 3.8% YoY to Rs. 898cr for Q4FY20, mainly impacted by nation-wide lockdown since March amidst COVID-19 pandemic. Company witnessed strong revenue growth during the first two months with LFL/SSG growth at 8.4%/7.2% in Jan and 14.9%/13.1% in Feb. However, LFL/SSG growth fell sharply in...
Jubilant Foodworks Ltd. has gained 42.78% in the last 1 Year
Jubilant Foodworks Ltd.    
21 May 2020
2174.55
0.48%
HDFC Securities
However, high impact on OOH consumption will have several challenges for growth (co is also returning to muted store expansion in FY21). We believe even in such challenging time, JUBI will be able to cut cost sharply to sustain margin (overhead cost is 55% of sales). However, we cut EPS estimate by 5% for FY21/FY22 (43/22% cut in our FMCG thematic in April) to factor-in consistent extension of lockdown, weaker consumption sentiments and slower store expansion in FY21/FY22. We value JUBI at 40x on Mar-22E EPS, deriving a TP of Rs 1,420. With unattractive risk-reward at current price, we downgrade JUBI to REDUCE. Jubilant was on course to returning to double digit SSG (7/13% SSG in Jan/Feb) after mid-single digit clocked in the previous four quarters. It justified our thesis on Dominos SSG recovery even when street was factoring aggregator pressure. Covid impacted OOH consumption sharply, thereby, Dominos March SSG saw sharp dip of 28% yoy. QSR will be among the most impacted categories in FY21 (stated in our FMCG thematic report) as dine-in pressure will be immense. We continue to believe that Jubilant is one of the strongest QSR players (superior store economics, healthy FCFs, strong balance sheet) and will be able to gain market share.
Jubilant Foodworks L.. has an average target of 1973.38 from 9 brokers.
Jubilant Foodworks Ltd.    
21 May 2020
2174.55
0.48%
Nirmal Bang Institutional
Short term pain prompts earnings cut; Limited upside; Downgrade to Accumulate Jubilant Foodworks' (JUBI) 4QFY20 standalone topline grew by 3.8% YoY to Rs9bn (est. 5% growth to Rs9.1bn). The quarter started on a healthy note with Jan and Feb months seeing 7.2% and 13.1% SSSG, respectively but sharp drop in revenue in March (SSSG declined 28.4%) because of the national lockdown (due to COVID-19 pandemic) which affected the overall quarter's performance, leading to SSS declining by 3.4% YoY for the quarter (est. 3%). Like-for-like growth (LFL) declined by 2.3% for the quarter. Gross margin contracted 160bps YoY to 74.4% due to continuous inflation in cheese. Reported EBITDA margin came in at 18.9%, up 180bps YoY (est. 21.1%) while underlying margin (w/o IND AS 116)...
Jubilant Foodworks Ltd. is trading below it's 30 day SMA of 2308.3