Jubilant FoodWorks- 2nd Growth Lever, Maintain ACCUMULATE :: Emkay

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Jubilant FoodWorks

2nd Growth Lever, Maintain ACCUMULATE

ACCUMULATE

CMP: Rs 527                                        Target Price: Rs 600

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n     Signs franchisee agreement with Dunkin’ Donuts for India & first right of refusal for Sri Lanka, Nepal and Bangladesh

n     Straddle in all-day food menu and freedom to localize product offerings – store size and support infrastructure lesser then Dominos

n     Dunkin’ Donuts business model meets JFL’s hurdle rates – eyeing payback of less then 3 years and cash break even in 1st year

n     Dunkin’ Donuts would not trigger PER de-rating, Maintain ACCUMULATE rating with target price of Rs600/Share