External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Equity Bottom-Up

<div><div><div><div><ul><li>4QFY22 headline performance: Standalone topline was up 12.9% YoY at Rs11.6bn, in-line with our estimate of Rs11.4bn.</li></ul><div><div><div><div><ul><li>Store additions in 4QFY22: The company again created a new all-time record with the opening of 80 new Domino’s stores, taking the network strength to 1,567 stores as of 31st March’22.</li></ul><div><div><div><div><ul><li>FY22 standalone performance: Revenue, EBITDA and APAT grew by 32.5%, 44.1% and 89.6% YoY, respectively.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

4QFY22 headline performance: Standalone topline was up 12.9% YoY at Rs11.6bn, in-line with our estimate of Rs11.4bn.Store additions in 4QFY22: The company again created a new all-time record with the opening of 80 new Domino’s stores, taking the network strength to 1,567 stores as of 31st March’22.FY22 standalone performance: Revenue, EBITDA and APAT grew by 32.5%, 44.1% and 89.6% YoY, respectively.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Jubilant FoodWorks - Operating Performance In-Line; Mr. Khetarpal Comes in as CEO & MD from Amazon

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>We have seen CEO changes for various other consumer companies in the past, and most changes have been value accretive.</li><li>However, we remain cautious until the new CEO showcases his execution capability.</li><li>His exit (along with past exits of many members of senior management) is certainly adding several risks.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We have seen CEO changes for various other consumer companies in the past, and most changes have been value accretive.However, we remain cautious until the new CEO showcases his execution capability.His exit (along with past exits of many members of senior management) is certainly adding several risks.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Jubilant FoodWorks (Update): CEO quits  adds risks on all fronts. Maintain REDUCE

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

<p>Key Jubi narratives now are - store expansion, industry-leading revenue growth, resilient margins, unlock-led recovery, digital capabilities, high quality management, platform potential, market opportunity. What’s not ticking (for consensus) is the international expansion which JUBI has aspirations for.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Key Jubi narratives now are - store expansion, industry-leading revenue growth, resilient margins, unlock-led recovery, digital capabilities, high quality management, platform potential, market opportunity. What’s not ticking (for consensus) is the international expansion which JUBI has aspirations for.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Beat-upgrade cycle (likely) taking a pause for now; our (near) 5-year optimism (since 2016) is...

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

<p>Boosting its technological capabilities: In addition to its delivery and value moat, JUBI is boosting its technological moat to enhance its lead over its QSR peers and aggregators. Improving its pre-order experience, usage of Hindi and...</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Boosting its technological capabilities: In addition to its delivery and value moat, JUBI is boosting its technological moat to enhance its lead over its QSR peers and aggregators. Improving its pre-order experience, usage of Hindi and...Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Building on strengths, growth prospects buoyant

India

Jubilant Foodworks Ltd. owns and operates fast food chains. The Company offers donuts, baked goods, coffee, bagels, muffin, fruit milkshakes, smoothies, tea, sandwiches, pizza, and beverages. Jubilant Foodworks serves its products to customers throughout India.

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Jubilant Foodworks (JUBI IN)

Jubilant FoodWorks - Operating Performance In-Line; Mr. Khetarpal Comes in as CEO & MD from Amazon

Jubilant Foodworks’ (JUBI) 4QFY22 operating performance was in-line with our estimate. Like-for-Like (LFL) growth stood at 5.8% vs our est. of 6%

Nirmal Bang

Jubilant FoodWorks (Update): CEO quits adds risks on all fronts. Maintain REDUCE

We have seen CEO changes for various other consumer companies in the past, and most changes have been value accretive. However, we remain cautious...

HDFC Securities

Jubilant FoodWorks (Update): CEO quits adds risks on all fronts. Maintain REDUCE

We have seen CEO changes for various other consumer companies in the past, and most changes have been value accretive. However, we remain cautious...

HDFC Securities

Beat-upgrade cycle (likely) taking a pause for now; our (near) 5-year optimism (since 2016) is...

Key Jubi narratives now are - store expansion, industry-leading revenue growth, resilient margins, unlock-led recovery, digital capabilities, high...

ICICI Securities Limited

Building on strengths, growth prospects buoyant

Boosting its technological capabilities: In addition to its delivery and value moat, JUBI is boosting its technological moat to enhance its lead...

Motilal Oswal

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