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RESULTS REVIEW 1QFY19 25 JUL 2018
Jubilant FoodWorks BUY
HDFC securities Institutional Research is also available on Bloomberg HSLB <GO>& Thomson Reuters
Continues to amaze! 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%. JFL’s 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%). Post a successful year of profitable expansion, JFL stays committed to add 75 domino’s stores (7% of total stores) during FY19. Mgt’s key focus areas remain 1) More value to consumers 2) Product innovation 3) Better customer experience 4) Investment in technology and 5) Cost optimization. In the last 3 quarters, SSG has contributed >95% of the revenue growth (long-term average is ~50%) which aided in driving stronger operating leverage. EBITDA margin expanded by ~600bps YoY during this period. We believe that with new store openings on the cards and higher SSG base from 2HFY19 onwards margin expansion will be limited. We model ~70bps EBITDAM expansion during FY19E-21E. JFL plans to split its large stores (few in number) since they are running at peak capacity. We note that there
is adequate capacity at the back-end to support the volume growth. We model 16/9/9% SSG growth during FY19/FY20/FY21. Such inspiring performance justifies high valuation. We value it at 46x P/E on Jun-20EPS to arrive TP of Rs 1,562 (earlier Rs 1510). We maintain BUY.
Highlights of the quarter
Stellar 79% EBITDA growth: GM was down by 183bps YoY to 74.5% (exp. -136bps) due to removal of ITC benefits and focus on offering value to the consumer. Focus on cost control and oplev resulted in modest growth in employee/rent to 5/6%. While, higher ad spend drove 21% growth in other expenses. EBITDAM expanded by sharp 489bps to 16.6% (exp. 15.5%).
Improving Dunkin’ performance: Dunkin’ continued to reduce its operating losses through closure of loss making stores and change in format (smaller stores). Dunkin‘ losses continue to decline (55bps EBITDAM impact vs. 143bps YoY). Mgt expects Dunkin would break even by the end of FY19.
Near-term outlook: With successfully execution in strategy and return to store expansion, we expect modest upside in the near-term.
Financial Summary (Rs mn) Q1FY19 Q1FY18 YoY (%) 4QFY18 QoQ (%) FY17 FY18P FY19E FY20E FY21E Net revenue 8,551 6,788 26.0 7,798 9.6 25,461 29,804 36,856 42,573 49,206 EBITDA 1,421 796 78.5 1,278 11.2 2,466 4,464 6,244 7,398 8,664 APAT 747 298 151.0 631.7 18.3 673 2,065 3,408 4,199 5,176 EPS (Rs) 5.7 2.3 151.0 4.8 18.3 5.1 15.6 25.8 31.8 39.2 P/E (x) 274.5 89.5 54.2 44.0 35.7 EV/EBITDA (x) 74.2 41.1 28.9 24.0 20.0 RoIC 12.5 35.4 56.6 71.9 89.3 Source: Company, HDFC sec Inst Research
INDUSTRY FMCG
CMP (as on 25 Jul 2018) Rs 1,400
Target Price Rs 1,562
Nifty 11,132
Sensex 36,858
KEY STOCK DATA Bloomberg JUBI IN
No. of Shares (mn) 132
MCap (Rs bn)/(US$ mn) 185/2,689
6m avg traded value (Rs mn) 2,451
STOCK PERFORMANCE (%)
52 Week high / low Rs 1,499 / 618
3M 6M 12M
Absolute (%) 14.0 26.7 116.0
Relative (%) 7.1 24.5 101.7
SHAREHOLDING PATTERN (%)
Promoters 44.94
FIs & Local MFs 10.22
FPIs 33.74
Public & Others 11.10 Source : BSE
Naveen Trivedi [email protected] +91-22-6171-7324
Siddhant Chhabria [email protected] +91-22-6171+7336
JUBILANT FOODWORKS : RESULTS REVIEW 1QFY19
Page | 2
Quarterly Financials Year to March (Rs mn) Q1FY19 Q1FY18 YoY (%) 4QFY18 QoQ (%) FY18 FY17 YoY (%) Net Revenue 8,551 6,788 26.0 7,798 9.6 29,804 25,461 17.1 Material Cost 2,178 1,605 35.7 2,004 8.7 7,514 6,160 22.0 Employee Expenses 1,545 1,471 5.1 1,421 8.8 6,041 5,845 3.3 Rent Expenses 840 789 6.5 857 (1.9) 3,157 2,986 5.7 Other Expenses 2,566 2,127 20.6 2,239 14.6 8,628 8,003 7.8 EBITDA 1,421 796 78.5 1,278 11.2 4,464 2,466 81.0 Depreciation 366 462 (20.9) 378 (3.3) 1,559 1,512 3.1 EBIT 1,055 334 216.1 899 17.3 2,905 954 204.4 Other Income 71 30 138.1 127 (44.0) 227 145 56.9 PBT before exceptional 1,127 364 209.7 1,027 9.7 3,133 1,099 185.0 Exceptional item - 90 - - 122 PBT 1,127 274 311.5 1,027 9.7 3,133 978 220.5 Tax 380 125 203.2 346 9.6 1,068 305 250.8 RPAT 747 149 402.8 681 9.7 2,064 673 206.7 APAT 747 298 151.0 632 18.3 2,033 794 155.9 Adjusted EPS 5.7 2.3 151.0 4.8 18.3 30.9 12.1 155.9 As % Of Net Revenue Q1FY19 Q1FY18 YoY (bps) 4QFY18 QoQ (bps) FY18 FY17 YoY (%) Material Cost 25.5 23.6 180 25.7 (20) 25.2 24.2 100 Employee Expenses 18.1 21.7 (360) 18.2 (10) 20.3 23.0 (270) Rent Expenses 9.8 11.6 (180) 11.0 (120) 10.6 11.7 (110) Other Expenses 30.0 31.3 (130) 28.7 130 28.9 31.4 (250) EBITDA 16.6 11.7 490 16.4 20 15.0 9.7 530 Tax Rate 33.7 34.4 (70) 33.7 - 34.1 31.1 300 PAT 8.7 4.4 440 8.1 60 6.8 3.1 370 Source: Company, HDFC sec Inst Research
Revenue beat was on account of higher SSG of 26% (6.5% in 1QFY18) vs. expectation of 18% GM was down by 183bps YoY to 74.5% due to removal of ITC benefits and offering of better quality product without sufficient price hike EBITDA grew by 79% (exp of 59%) driven by lower rent and employee expense Total number of employees stood at 30,279 (27,539 in 4QFY18 and 27,369 in 1QFY18) Higher other income and lower depreciation led to 151% growth in APAT vs. expectation of 99%
JUBILANT FOODWORKS : RESULTS REVIEW 1QFY19
Page | 3
Net Revenue Same Store Sales Growth
Source: Company, HDFC sec Inst Research Source: Company, HDFC sec Inst Research EBITDA Performance EBITDA Margin
Source: Company, HDFC sec Inst Research Source: Company, HDFC sec Inst Research
Revenue growth during the last 3 quarters was primarily driven by SSG unlike the historical years which was driven by store expansion Mgt’s medium-long term focus is to 1) Expand Domino’s franchise 2) Breakeven Dunkin’ and improve its profitability Mgt is now focusing on smaller store formats for Dunkin’ (300-650sqft vs. 800-1200sqft) Dunkin’ losses have come down to ~55bps of JFL EBITDA in 1QFY19 vs. 143bps in 1QFY18
0
8
16
24
32
40
48
0
1,500
3,000
4,500
6,000
7,500
9,000
4QFY
131Q
FY14
2QFY
143Q
FY14
4QFY
141Q
FY15
2QFY
153Q
FY15
4QFY
151Q
FY16
2QFY
163Q
FY16
4QFY
161Q
FY17
2QFY
173Q
FY17
4QFY
171Q
FY18
2QFY
183Q
FY18
4QFY
181Q
FY19
Net Sales Growth - RHS
Rs mn%
7.7
6.3
6.6
-2.6
-3.4 -2.4
-5.3
1.9
6.6
4.6
3.2
2.0 2.9
-3.2
4.2
-3.3
-7.5
6.5
5.5
17.8
26.5
26.0
(14.0)
(5.0)
4.0
13.0
22.0
31.0
4QFY
131Q
FY14
2QFY
143Q
FY14
4QFY
141Q
FY15
2QFY
153Q
FY15
4QFY
151Q
FY16
2QFY
163Q
FY16
4QFY
161Q
FY17
2QFY
173Q
FY17
4QFY
171Q
FY18
2QFY
183Q
FY18
4QFY
181Q
FY19
%
(30)(15)0 15 30 45 60 75 90 105 120 135
0
300
600
900
1,200
1,500
4QFY
131Q
FY14
2QFY
143Q
FY14
4QFY
141Q
FY15
2QFY
153Q
FY15
4QFY
151Q
FY16
2QFY
163Q
FY16
4QFY
161Q
FY17
2QFY
173Q
FY17
4QFY
171Q
FY18
2QFY
183Q
FY18
4QFY
181Q
FY19
EBITDA Growth - RHS
Rs mn%
16.7
16.8
14.9
14.8
12.8
12.4
12.2 13
.112
.911
.810
.3 11.5
11.5
9.5 9.7
9.7
9.9 11
.714
.117
.216
.416
.6
-
5.0
10.0
15.0
20.0
4QFY
131Q
FY14
2QFY
143Q
FY14
4QFY
141Q
FY15
2QFY
153Q
FY15
4QFY
151Q
FY16
2QFY
163Q
FY16
4QFY
161Q
FY17
2QFY
173Q
FY17
4QFY
171Q
FY18
2QFY
183Q
FY18
4QFY
181Q
FY19
%
JUBILANT FOODWORKS : RESULTS REVIEW 1QFY19
Page | 4
Domino’s Quarterly Store Additions Cities Covered
Source: Company, HDFC sec Inst Research Source: Company, HDFC sec Inst Research OLO And Mobile Ordering Performance Download of Mobile Ordering App
Source: Company, HDFC sec Inst Research, OLO - Online Ordering Source: Company, HDFC sec Inst Research
Dominos 10 stores were added (net) during the quarter with 13 additions and 3 closures Dunkin Donuts’ net store additions were flat during the quarter (closure 1, opening 1). Total number of stores stand at 37 Management guiding to breakeven Dunkin’ by FY19 Online ordering (OLO) and mobile ordering will continue to remain an integral part of revenue generation
05101520253035404550
0
200
400
600
800
1,000
1,200
4QFY
131Q
FY14
2QFY
143Q
FY14
4QFY
141Q
FY15
2QFY
153Q
FY15
4QFY
151Q
FY16
2QFY
163Q
FY16
4QFY
161Q
FY17
2QFY
173Q
FY17
4QFY
171Q
FY18
2QFY
183Q
FY18
4QFY
181Q
FY19
Number Of Stores At The End Store Addition - RHS
Nos Nos
123
128
132 14
2 150
154 16
7 184 19
6 208 21
822
5 235 24
825
1 260
264
264
264
265
266
266
0
50
100
150
200
250
300
4QFY
131Q
FY14
2QFY
143Q
FY14
4QFY
141Q
FY15
2QFY
153Q
FY15
4QFY
151Q
FY16
2QFY
163Q
FY16
4QFY
161Q
FY17
2QFY
173Q
FY17
4QFY
171Q
FY18
2QFY
183Q
FY18
4QFY
181Q
FY19
2.6 3.1 3.5 3.7 3.9 4.4 5.0 5.36.4
7.5 7.89.0 9.6 9.6
0%
5%
10%
15%
20%
25%
0.0
2.0
4.0
6.0
8.0
10.0
12.0
4QFY
151Q
FY16
2QFY
163Q
FY16
4QFY
161Q
FY17
2QFY
173Q
FY17
4QFY
171Q
FY18
2QFY
183Q
FY18
4QFY
181Q
FY19
Downloads of mobile ordering app (Mn) QoQ (%)
33% 36
%
41%
36% 41
% 47%
47%
51%
51% 57
%
60%
63% 63
%
28% 30
% 38%
38%
38%
54%
56%
68%
69% 69
%
71% 78
%
78%
0%10%20%30%40%50%60%70%80%90%
1QFY
16
2QFY
16
3QFY
16
4QFY
16
1QFY
17
2QFY
17
3QFY
17
4QFY
17
1QFY
18
2QFY
18
3QFY
18
4QFY
18
1QFY
19
Average OLO contribution to delivery sales
Mobile Ordering sales contribution to overall OLO
JUBILANT FOODWORKS : RESULTS REVIEW 1QFY19
Page | 5
Domino’s Yearly Store Additions Domino’s Yearly SSG
Source: Company, HDFC sec Inst Research Source: Company, HDFC sec Inst Research Domino’s City Coverage Dunkin’ Stores
Source: Company, HDFC sec Inst Research Source: Company, HDFC sec Inst Research
We expect store expansion of 70-75 stores over FY19-20 each We model 16/9/9% SSG for FY19/FY20/FY21
37%
30%
16%
2% 0%3%
-2%
14%16%
9% 9%
-8.0%
0.0%
8.0%
16.0%
24.0%
32.0%
40.0%
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
E
FY20
E
FY21
E
90105
123150
196
235264 266
0
50
100
150
200
250
300
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
No. of cities covered (India)
378 46
5 576 72
6 876 1,
026
1,11
7
1,13
4
1,20
9
1,27
9
1,34
9
0
200
400
600
800
1,000
1,200
1,400
1,600
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
E
FY20
E
FY21
E
10
26
54
7163
37 37 37 37
0
10
20
30
40
50
60
70
80
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
E
FY20
E
FY21
E
JUBILANT FOODWORKS : RESULTS REVIEW 1QFY19
Page | 6
Gross Margin Trend EBITDA Margin Trend
Source: Company, HDFC sec Inst Research Source: Company, HDFC sec Inst Research Assumptions
FY16 FY17 FY18P FY19E FY20E FY21E Net Revenue Growth 16.2 5.6 17.1 23.7 15.5 15.6 Same Store Sales Growth 3.2 (2.4) 13.9 16.3 9.0 9.0 Stores At The Beginning 876 1,026 1,117 1,134 1,209 1,279 Store Additions 150 91 17 75 70 70 Stores At The End 1,026 1,117 1,134 1,209 1,279 1,349 As % Of Sales COGS 23.7 24.2 25.2 25.2 25.3 25.4 Employee 23.6 23.0 20.3 18.0 17.5 17.0 Rent 10.5 11.7 10.6 9.5 9.3 9.0 Ad spends 5.2 5.7 5.8 7.7 8.2 8.9 P&F 5.7 5.6 4.9 5.0 5.0 5.0 Franchise fees 3.3 3.3 3.3 3.3 3.3 3.3 EBITDA 11.4 9.7 15.0 16.9 17.4 17.6 Source: Company, HDFC sec Inst Research
We model lower GM in FY19-20 as we believe management would continue to focus on higher SSG and improving consumer experience EBITDAM can sustain healthy on account of reducing losses in Dunkin’ and operating leverage
74.8
%
74.3
%
73.9
%
74.0
%
74.9
%
76.3
%
75.8
%
74.8
%
75%
75%
75%
73%
74%
75%
76%
77%
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
E
FY20
E
FY21
E
18%
19%
18%
15%
13%
11%
10%
15% 17
%
17%
18%
0%
5%
10%
15%
20%
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
E
FY20
E
FY21
E
JUBILANT FOODWORKS : RESULTS REVIEW 1QFY19
Page | 7
Changes in Estimates
Rs Mn FY19E FY20E FY21E
Old New Chg (%) Old New Chg (%) Old New Chg (%) Net Revenue 36,106 36,856 2.1 41,193 42,573 3.4 47,242 49,206 4.2 EBITDA 6,302 6,244 (0.9) 7,252 7,398 2.0 8,584 8,664 0.9 EBITDA Margin (%) 17.5 16.9 -56 bps 17.6 17.4 -22 bps 18.2 17.6 -59 bps PAT 3,413 3,408 (0.1) 4,047 4,199 3.7 5,035 5,176 2.8 EPS 25.9 25.8 (0.3) 30.7 31.8 3.6 38.2 39.2 2.7 Source: HDFC sec Inst Research Peer Set Comparison
Company MCap (Rs bn)
CMP (Rs) Reco. TP
(Rs) EPS (Rs) P/E (x) EV/EBITDA (x) Core RoCE (%)
FY19E FY20E FY21E FY19E FY20E FY21E FY19E FY20E FY21E FY19E FY20E FY21E HUL 3,786 1,753 NEU 1,709 29.4 35.5 42.7 59.5 49.4 41.1 41.5 34.8 29.4 71.4 73.8 74.4 ITC 3,304 272 BUY 367 10.2 11.2 12.3 26.8 24.3 22.1 16.8 14.9 13.4 38.2 40.3 42.7 GCPL 850 1,248 NR 1,143 26.8 30.8 36.7 46.5 40.5 34.0 35.3 30.2 25.4 20.3 22.9 26.9 Britannia 774 6,444 NEU 6,307 103.2 132.4 158.6 62.5 48.7 40.6 41.9 33.2 27.8 45.7 52.4 56.0 Dabur 654 371 BUY 423 9.4 11.3 13.7 39.5 32.7 27.1 32.6 27.4 23.4 56.8 67.5 77.3 Marico 462 358 BUY 379 8.1 10.4 12.1 44.2 34.4 29.6 32.2 25.4 21.9 45.6 55.7 61.4 Colgate 306 1,124 NEU 1,242 29.0 34.1 39.8 38.7 33.0 25.5 23.1 19.7 15.1 69.7 83.9 100.8 Emami 251 550 BUY 627 14.0 16.6 19.9 39.2 33.1 27.6 28.8 24.4 20.5 27.6 34.0 43.4 Jub. Food 185 1,400 BUY 1,562 25.8 31.8 39.2 54.2 44.0 35.7 28.9 24.0 20.0 56.6 71.9 89.2 Source: HDFC sec Inst Research
JUBILANT FOODWORKS : RESULTS REVIEW 1QFY19
Page | 8
Income Statement (Rs mn) FY17 FY18P FY19E FY20E FY21E Net Sales 25,461 29,804 36,856 42,573 49,206 Growth (%) 5.6 17.1 23.7 15.5 15.6 Material Expenses 6,158 7,514 9,282 10,763 12,475 Employee Expenses 5,845 6,041 6,632 7,454 8,376 A&P Expenses 1,451 1,714 2,820 3,470 4,380 Rent 2,986 3,157 3,516 3,958 4,452 Other Operating Expenses 6,554 6,914 8,363 9,530 10,860 EBIDTA 2,466 4,464 6,244 7,398 8,664 EBIDTA Margin (%) 9.7 15.0 16.9 17.4 17.6 EBIDTA Growth (%) (10.1) 81.1 39.9 18.5 17.1 Depreciation 1,511 1,559 1,587 1,779 1,912 EBIT 954 2,906 4,656 5,619 6,752 Other Income 23 227 430 647 974 PBT 978 3,133 5,086 6,267 7,726 Tax 305 1,068 1,678 2,068 2,549 RPAT 673 2,065 3,408 4,199 5,176 EO items (net of tax) (122) 32 - - - APAT 794 2,033 3,408 4,199 5,176 APAT Growth (%) (27.0) 156.0 67.6 23.2 23.3 EPS 5.1 15.6 25.8 31.8 39.2 EPS Growth (%) (38.3) 206.8 65.0 23.2 23.3
Source: Company, HDFC sec Inst Research
Balance Sheet (Rs mn) FY17 FY18P FY19E FY20E FY21E SOURCES OF FUNDS Share Capital 659 660 1,320 1,320 1,320 Reserves 7,862 9,731 12,148 15,819 20,270 Total Shareholders’ Funds 8,522 10,391 13,468 17,139 21,589 Deferred Taxes 693 550 550 550 550 TOTAL SOURCES OF FUNDS 9,215 10,940 14,018 17,689 22,139 APPLICATION OF FUNDS Net Block 7,782 7,697 7,699 7,851 8,093 CWIP 598 109 109 109 109 LT Loans & Advances 1,861 2,038 2,282 2,556 2,863 Investments 1,680 3,453 3,953 4,453 4,953 Inventories 587 626 873 1,009 1,166 Trade Receivables 156 151 228 263 304 Cash & Equivalents 1,521 1,232 4,194 7,538 11,651 Other Current Assets 331 320 377 432 493 Current Assets 2,595 2,329 5,673 9,242 13,614 Creditors 3,117 3,868 4,783 5,525 6,386 Other Current Liabilities 985 817 914 997 1,107 Net current Assets (1,507) (2,357) (25) 2,719 6,121 TOTAL APPLICATION OF FUNDS 10,414 10,941 14,018 17,689 22,139
Source: Company, HDFC sec Inst Research
JUBILANT FOODWORKS : RESULTS REVIEW 1QFY19
Page | 9
Cash Flow Statement (Rs mn) FY17 FY18P FY19E FY20E FY21E Reported PBT 1,099 3,133 5,086 6,267 7,726 Non-operating & EO items 220 (290) (430) (647) (974) Interest expenses - - - - - Depreciation 1,511 1,559 1,587 1,779 1,912 Working Capital Change (620) 384 386 326 405 Tax (305) (1,068) (1,678) (2,068) (2,549) OPERATING CASH FLOW ( a ) 1,906 3,717 4,951 5,656 6,519 Capex (370) (2,030) (1,589) (1,931) (2,154) Free Cash Flow 1,536 1,687 3,363 3,724 4,365 Investments & Others (155) (2,192) (500) (500) (500) Non-operating Income 23 227 430 647 974 INVESTING CASH FLOW ( b ) 1,404 (278) 3,292 3,872 4,839 Interest - - - - - FCFE 1,536 1,687 3,363 3,724 4,365 Share Capital Issuance - - - - - Dividend (164) (165) (330) (528) (726) FINANCING CASH FLOW ( c ) (163) (165) (330) (528) (726) EO items (122) 32 - - - NET CASH FLOW (a+b+c) 2,656 1,277 6,324 7,069 8,478 Closing Cash 1,643 1,232 4,194 7,538 11,651
Source: Company, HDFC sec Inst Research
Key Ratios FY17 FY18P FY19E FY20E FY21E PROFITABILITY (%) GPM 75.8 74.8 74.8 74.7 74.6 EBITDA Margin 9.7 15.0 16.9 17.4 17.6 EBIT Margin 3.7 9.7 12.6 13.2 13.7 APAT Margin 2.6 6.9 9.2 9.9 10.5 RoE 8.3 21.8 28.6 27.4 26.7 RoIC 12.5 35.4 56.6 71.9 89.3 RoCE 13.6 33.1 42.6 40.9 39.9 EFFICIENCY Tax Rate (%) 31.2 34.1 33.0 33.0 33.0 Asset Turnover (x) 2.0 2.1 2.3 2.4 2.5 Inventory (days) 8.4 7.7 7.7 7.7 7.7 Debtors (days) 2.2 2.0 2.0 2.0 2.0 Other Current Assets (days) 4.7 3.9 3.7 3.7 3.7 Creditors (days) 58.8 57.4 56.4 55.9 55.6 Other Current Liab & Prove (days) 14.1 10.0 9.1 8.6 8.2 Cash Conversion Cycle (days) (57.5) (53.8) (52.1) (51.1) (50.5) Net D/E (0.2) (0.1) (0.3) (0.4) (0.5) PER SHARE DATA EPS (Rs/sh) 5.1 15.6 25.8 31.8 39.2 CEPS (Rs/sh) 13.4 23.4 33.9 40.8 48.9 BV (Rs/sh) 64.6 78.7 102.1 129.9 163.6 DPS (Rs/sh) 1.3 4.0 5.0 6.0 7.0 VALUATION P/E (x) 274.5 89.5 54.2 44.0 35.7 P/BV (x) 21.7 17.8 13.7 10.8 8.6 EV/EBITDA (x) 74.2 41.1 28.9 24.0 20.0 OCF/EV (%) 1.0 2.0 2.7 3.2 3.8 FCF/EV (%) 0.8 0.9 1.9 2.1 2.5 FCFE/mkt cap (%) 0.8 0.9 1.8 2.0 2.4 Dividend Yield (%) 0.1 0.2 0.3 0.4 0.5
Source: Company, HDFC sec Inst Research
JUBILANT FOODWORKS : RESULTS REVIEW 1QFY19
Page | 10
RECOMMENDATION HISTORY
Rating Definitions BUY : Where the stock is expected to deliver more than 10% returns over the next 12 month period NEUTRAL : Where the stock is expected to deliver (-)10% to 10% returns over the next 12 month period SELL : Where the stock is expected to deliver less than (-)10% returns over the next 12 month period
Date CMP Reco Target 18-Jul-17 637 BUY 703 10-Oct-17 740 BUY 818 27-Oct-17 822 BUY 924 13-Nov-17 816 BUY 924 27-Dec-17 891 BUY 1,005 12-Jan-18 964 BUY 1,062 20-Jan-18 1,048 BUY 1,331 28-Feb-18 1,022 BUY 1,331 11-Apr-18 1,215 BUY 1,402 9-May-18 1,280 BUY 1,423 9-Jul-18 1,366 BUY 1,510
25-Jul-18 1,400 BUY 1,562
600
700
800
900
1,000
1,100
1,200
1,300
1,400
1,500
1,600
Jul-1
7
Aug-
17
Sep-
17
Oct
-17
Nov
-17
Dec-
17
Jan-
18
Feb-
18
Mar
-18
Apr-
18
May
-18
Jun-
18
Jul-1
8
Jubilant FoodWorks TP
JUBILANT FOODWORKS : RESULTS REVIEW 1QFY19
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JUBILANT FOODWORKS : RESULTS REVIEW 1QFY19
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