The 19 reports from 7 analysts offering long term price targets
for Jubilant Foodworks Ltd. have an average target of 1447.83. The consensus estimate
represents an upside of 10.11%
from the last price of 1314.95.
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).
Jubilant FoodWorks (JUBI) delivered another quarter of strong performance and profitability led by 6% samestore sales growth or SSG in 4QFY19. Revenue growth at 11% was in line with our expectation. The low SSG number, despite a healthy growth in revenues, could be explained by the fact that the current SSG was delivered on a high base of 25.6%, over 50% of the new stores being opened in areas where the company already has a presence and more importantly, the customer behaviour has become more centered towards delivery, exerting pressure on dine-in. The management reiterated its confidence in consistently delivering a healthy SSG. Operating earnings growth at 16% was highly encouraging and was largely as a result of JUBI's strong cost control measures which helped in controlling rent and other overheads. The company's partnership with Pepsi is yielding benefits in the form of an improved beverage portfolio and improved...
Incremental earnings growth under pressure from a multitude of factors Sales increased 10.9% YoY to INR8.65b (our estimate: INR8.61b) in 4QFY19, with same-store sales (SSS) growth coming in at 6% YoY (our estimate: 8%) off a high base (+26.5% in the year-ago period). Total Domino's store count stood at 1,227, with net addition of 27 stores (opened 30, closed 3) in the quarter. EBITDA grew 15.5% YoY to INR1.5b (our estimate: INR1.5b). Adj. PAT was up 16.3% to INR792m (our estimate: INR791m). Gross margin expanded 180bp YoY to 76.1%. Higher other expenses (+70bp...
We model 18/11/10% SSG growth during FY19E/FY20E/FY21E. We value JFL at 46x on Mar-21 EPS, arriving at a TP of Rs 1,750. Reiterate BUY. JFL announced its entry in Chinese cuisine with a home grown brand Hongs Kitchen. It will be a fast casual Chinese restaurant with focus on dine-in and delivery. Chinese is the 2nd largest cuisine in India (after North India). The brand will address the vast gap between street vendors and fine dining. The first store (1,400 sq. ft) is launched in Eros Mall, Gurugram. JFL will initially look to expand stores in the NCR region.
Our channel checks indicate that Jubilant FoodWorks (JUBI) is working on a faster pizza delivery guarantee option (in 20 mins vs. 30 mins currently), which in our view, should aid customer acquisition from other QSRs and aggregators. We believe that this faster delivery option should further enhance its competitiveness and sustain strong SSSG trends Faster delivery guarantee (of 15 mins and 20 mins) launched by Domino's in Australia and...
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.
We value JFL at 46x P/E on Dec-20EPS with TP of Rs 1,620 (earlier Rs 1,610). We maintain BUY. Jubilant FoodWorks (JFL) reported 5th consecutive quarter of beat in SSG. The co. delivered 17/15% revenue/SSG growth (exp. 15/13%) despite a heavy base (21/18%). Benign food inflation, richer mix and new contract with PepsiCo drove GM expansion. EBITDA/APAT grew by 25/46% (exp. 16/20%).
Jubilant FoodWorks's (JUBI) 3QFY19 earnings were above our and consensus estimates despite hyper competition and the rise in discounts. Our estimates largely remain unchanged as of now, but we do envisage a material upside revision by consensus....
We are increasing FY19, FY20 and FY21 EPS by 6.7/5.0/1.8% on the back of sustained momentum in SSG and higher Dominos store openings (90). We believe JUBI will sustain growth momentum led by 1) sustained consumer traction with Everyday value offer 2) Breakeven in Dunkin Donuts 3) ReLaunch of the new user friendly Domino's pizza app (73% OLO share) and 4) increase in traction in small towns and region wise customization in menu. We expect some softening in growth rates due to high SSG base, lower store additions in FY18 and increased competition from third part aggregators like Zomato and Swiggy. Dunkin Donuts has broken even in 3Q and we expect...
We value it at 46x P/E on Sep-20EPS with TP of Rs 1,555 (earlier Rs 1557). We maintain BUY. Jubilant FoodWorks (JFL) reported another solid quarter with revenue growth of 21% (exp. of 18%) led by SSG of 20.5% (5.5% in 2QFY18 and 26% in 1QFY19) vs. exp. of 17%. Robust growth in online ordering coupled with value offers & product upgrade continued to drive SSG. The franchise enjoys high operating leverage resulting in EBITDA margin expansion of 268bps YoY to 16.7% (exp. 16.2%).
JUBI has given cautiously optimistic outlook for coming quarters as rising Change in Estimates | Target | Reco manpower cost (19.5% of sales) and availability (~28000 employees) even as...
JFL's Q2FY19 results were in line with our estimate with strong 20.5% Same Store Sales (SSSG) performance. The company continues to post strong margin performance for the fourth consecutive quarter, exhibited striking operating performance with 270bps margin expansion to 16.7%. Continuing momentum in core pizza due to product upgrade and Everyday Value Offer'(EDV) is driving growth. GST has been a boon for the company to increase profitability. Going ahead, we believe that the company would post high single digit SSSG as the base would become unfavorable hereon....
24 October 2018 in 2QFY19, with SSS growth of 20.5% YoY the total store count to 1,167. EBITDA grew 44.4% YoY to INR1.5b (in-line). PAT grew 23.5%/59.3%/110.7% YoY in 1HFY19. EBITDA margin expanded 370bp YoY to 16.7%.
JFL reported robust growth of 26% YoY in top line in Q1FY19, driven by higher than anticipated SSG which grew at a staggering pace of 25.9% YoY (6.5% SSG in Q1FY18). Superior product, continued strong response to Everyday value offer coupled with aggressive marketing (IPL T20) drove SSG higher in the quarter. Further, online sales remained strong with share of online orders (OLO) increasing to 65% of the delivery sales as against 51% in Q1FY18. JFL is also working towards increasing the funnel of new locations and has doubled the number of store openings as compared to the last quarter, adding 13 new Domino's stores (closed 3 stores) taking the total store count to...
Jubilant FoodWorks (JUBI) had seen an excellent turnaround during FY18 under the new leadership. Besides the comments made at conference calls, we have picked up the following important aspects from the company's FY18 annual report. Power-packed strategy: Product quality and affordability, customer experience, digital and cost management are the key thrust areas for JUBI. Product upgrade of core pizza portfolio along with launch of Everyday Value offer aptly addresses the product quality and affordability issues in the minds of consumers. JUBI has accelerated its investment in digital in a big way and the results were visible in the form of robust growth of delivery business, better customer...
We value it at 46x P/E on Jun-20EPS to arrive TP of Rs 1,562 (earlier Rs 1510). We maintain BUY. Jubilant FoodWorks (JFL) reported another blowout quarter with revenue growth of 26% to Rs 8.55bn (exp. of 20%) led by SSG of 26% (6.5% in 1QFY18) vs. expectation of 18%. JFLs IPL activations (higher ad spend) with EDV offer aided in driving volume led growth. The franchise enjoys high operating leverage resulting in EBITDA margin expansion of 489bps YoY to 16.6% (exp. 15.5%). EBITDA/APAT growth was stellar at 79/151% (exp. 59/99%).
by 1) product innovation 2) Value for Money focus 3) technology enhancement and 4) improved customer experience. While 2QFY19 (5.5% SSG in 2Q18) growth should be healthy, we expect growth rates to taper off from 2H due to 1) Just 17 Dominos addition in FY18 and 37 in past 6 quarters and 2) high base from 3Q19. We expect incremental margin expansion to slow down given 65 stores addition in rest of FY19 and more in-house delivery staff. We estimate 34% PAT CAGR over FY18-21 and value the stock at 45xDec20 EPS with a target price of Rs1570 (Rs1435 at 45xSept20 EPS...
JFL's Q1FY19 results beat our estimate with strong 25.9% Same Store Sales (SSSG) performance. After lackluster EBITDA outlook in 19 consecutive quarters (17.4% in Q3FY13 to 9.9% in Q4FY17), for the third consecutive quarter, the company exhibited striking operating performance with 490 bps margin expansion to 16.6%. Continuing momentum in core pizza due to product upgrade and Everyday Value Offer'(EDV) is driving growth. Further, better IPL season was a key driver of the growth. GST has been a boon for the company to increase profitability. Going ahead, we...
