Shakey's Pizza

Shakey's Pizza: High Conviction Three Bagger, Management Call Provides Superb Guidance For FY22

Equity Bottom-Up
889 Views, 09 Apr 2022 12:52
EXECUTIVE SUMMARY
  • Shakey's Pizza Asia Ventures (PIZZA PM) is a play on F&B normalizing in the Philippines.  On our numbers, it trades at a 12.9x PE for FY22 and 10x for FY23.
  • Quick Service Restaurant (QSR) peers like Domino's Pizza (DPZ US) and Jubilant Foodworks (JUBI IN) trade at multiples of 39x and 59x fwd PE, making Shakey's an extremely cheap stock. 
  • Versus the current multiple of 7.9 peso/share, we believe the stock can trade up to 30x PE FY23 implying a 24 peso/share price (200% upside).
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Sameer Taneja
Equity, Bottom-up Analyst
Investics Research
Equity Bottom-UpThematic (Sector/Industry)

Equity Bottoms up analyst Ex-Kelusa ( 2007-2015). Covered over 80 stocks in the industrials and materials sector.

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