JUBILANT FOODWORKS: COVID improves structural outlook, right-to-win strengthening; Upgrade to Buy
(JUBI IN, Mkt Cap USD5.4b, CMP INR3063, TP INR3630, 19% Upside, Upgrade to Buy)
Jubilant FoodWorks Limited is a food service company. The Company operates through Food and Beverages segment. The Company and its subsidiary have rights to develop and operate Domino's Pizza brand in India, Sri Lanka, Bangladesh and Nepal. It operates in India and Sri Lanka. It has a right for developing and operating Dunkin' Donuts restaurants for India. Domino's Pizza India operates approximately 1040 restaurants in India located in states and union territories, covering approximately 240 cities across the country. Dunkin' Donuts sells a range of donuts and over a dozen coffee beverages, as well as an array of bagels, breakfast sandwiches and other baked goods. The Company has approximately 70 Dunkin' Donuts restaurants in India. It offers Chocolate Donut, Break-up Party Eclair, Chocofix Donuts, Big Joy Burger, Naughty Lucy Burger, The Tough Guy Burger, Too Much Burgers range, Wicked Wraps, the iconic Dunkin' Original Drip Coffee, Dunkaccinos and Spiked Iced Tea, among others.
Motilal Oswal Financial Services Ltd. is a reputed name in Financial Services and Online Trading with group companies providing services such as Private Wealth Management, Retail Broking and Distribution, Institutional Broking, Asset Management, Investment Banking, Private Equity, Commodity Broking, Currency Broking, Principal Strategies & Home Finance.
Motilal Oswal Securities is a group company of Motilal Oswal Financial Service Limited which started as a stock trading company and has blossomed into well diversified firm offering a range of financial products and services. Motilal Oswal has built a reputation as the source for best stock trading company and this has taken a wealth of experience, knowledge and expertise, constantly working in tandem, over the years.
Devyani International Limited (DIL), Yum Brand’s largest franchisor in India, aims to raise around US$200m via its Indian IPO. The IPO will be a mix of primary and secondary shares. DIL operates a chain of quick service restaurants (QSRs) in India. Its core business is to operate KFC, Pizza Hut and Costa Coffee in India. It operated 655 stores across 155 cities in India, as of Mar 2021. These include 264 KFC stores, 297 Pizza Hut stores and 44 Costa Coffee stores. It also operates stores in Nepal and Nigeria for KFC and Pizza Hut. In addition, it also runs its own brands Vaango, Food Street,...
JUBILANT FOODWORKS (IN), a company active in the Restaurants & Bars industry, now shows a lower overall rating. The independent financial analyst theScreener confirms the fundamental rating of 3 out of 4 stars. However, the market behaviour deterioration triggered a risk requalification, which can be thus described as moderately risky. theScreener believes that increased risk justifies the general evaluation downgrade to Neutral. As of the analysis date June 11, 2021, the closing price was INR 3,218.00 and its expected value was estimated at INR 2,982.77.
GAIL: Doing good, expecting even better – reiterate Buy (GAIL IN, Mkt Cap USD8.6b, CMP INR143, TP INR200, 40% Upside, Buy) GAIL reported an EBITDA in line with our estimate, as better performance in Gas Trading and LPG and Liquid HC business offsets lower profitability in the Petchem segment (impacted due to the planned shutdown in 1QFY22). The management guided that the Petchem plant is currently operating at over 100% utilization and will achieve 100% utilization in FY22, despite the lower utilization rate in 1Q. In the current high spot LNG price environment (JKM forward curve a...
CIPLA: COVID / Operational efficiency drives earnings (CIPLA IN, Mkt Cap USD10.3b, CMP INR946, TP INR1000, 6% Upside, Neutral) CIPLA delivered better-than-expected 1QFY22 earnings, led by a superior product mix, operational cost efficiency, a healthy off-take of COVID-related products, and one-time income from the API segment. Cipla is poised to outperform the Domestic Formulation (DF) market and is progressing well on building a complex product pipeline for North America (NA). We raise our EPS estimate by 6%/4% for FY22E/FY23E, factoring in a) strong traction in prescription/trade gen...
BLUE STAR: Weak operating performance; UCP disappoints (BLSTR IN, Mkt Cap USD1.1b, CMP INR857, TP INR730, 15% Downside, Sell) Inventory levels to normalize over next two months Blue Star (BLSTR) posted weak revenue in 1QFY22, in line with expectations, with the two-year revenue CAGR in the Unitary Cooling Products (UCP) segment at -25%. EBITDA came in below our estimate as rising commodity costs, the lower off-take of RACs, and higher operating costs sequentially weighed on margins. Adj. PAT came in 19% below our estimates. While inventory levels are marginally elevated, this does no...
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