Whalesbook
So, Prabhudas Lilladher ne Jubilant FoodWorks ko 'Buy' recommend kiya hai aur target price ₹576 set kiya hai. Brokerage ki report ke hisab se, company ke FY26 Q4 ki sales expectations ke mutabik rahi. EBITDA aur PAT targets se bhi badhkar aaye, jiska main reason hai achha gross margin expansion. Ye sab stock mix aur kam overheads ki wajah se hua.
Popeyes ki Performance Dhamaal!
Popeyes toh ekdum rockstar bana hua hai, FY26 mein 28% same-store sales growth dikhaya hai. Aur yehi trend FY27 Q1 mein bhi continue hone ki ummeed hai. DP Eurasia bhi ab behtar kar raha hai, itna internal cash bana raha hai ki acquisition ka debt cover ho jaye.
Domino's Ko Competition Ka Chakkar?
Domino's ki sales toh theek hai, lekin Coffy mein kaafi competition chal raha hai, jisse performance par thoda asar pad raha hai. Management ko lagta hai ki Popeyes upcoming time mein company ki overall growth mein 1% se 1.5% tak contribute karega. Jubilant FoodWorks ne FY27 ke liye bade expansion plans bhi banaye hain, lagbhag 300 naye stores kholne ka target hai, jisme Popeyes bhi shamil hai.
Margin Badhega?
Short term mein wage inflation aur global issues se margins par pressure aa sakta hai. Lekin, company ka management confident hai ki FY24 ke adjusted EBITDA ke comparison mein around 200 basis points tak EBITDA margin badha lenge. Ye operating leverage aur supply chain improvements se hoga. Prabhudas Lilladher ka anuman hai ki FY26 se FY28 ke beech 90 basis points ka additional EBITDA margin expansion ho sakta hai, jisme average ticket value, supply chain efficiencies aur technology investments ka fayda milega.
Earnings Ka Outlook
Brokerage ka estimate hai ki FY26 se FY28 ke beech Jubilant FoodWorks ka standalone EPS CAGR 33.1% rahega, jo ki ek low base se shuru ho raha hai. Agar hum 26x FY28 EV/EBITDA multiple use karein standalone business ke liye, toh valuation ₹508 per share nikalta hai. DP Eurasia ke liye ₹68 per share aur add hoga, jo CY26 earnings aur 22x PAT multiple par based hai. In dono ko milakar (Sum-of-the-Parts) Rs 576 ka target price aata hai, jo pehle wale Rs 584 se thoda kam hai. Prabhudas Lilladher ko lagta hai ki Jubilant FoodWorks QSR sector mein achhi position mein hai aur consumer spending ki recovery ka fayda utha sakti hai.