Jubilant Foodworks share price: ICICI Securities maintains Add rating with target price of Rs 2995
ICICI Securities believes that Jubilant Foodworks’s recent acquisition of stakes in DP Eurasia and Barbeque Nation as well as the investments in new ventures (Hong’s Kitchen and Ekdum!) are steps in the right direction. ICICI Securities likes this utilisation of cash on balance sheet (Rs 8.4 bn as of Sep’20) to buy potentially in the money options.
Jubilant Foodworks had Rs 8.4 bn of cash on Sep’20. Jubilant Foodworks believes that with the recent acquisitions (32.81% stake in DP Eurasia and 10.96% stake in Barbeque Nation): Image taken from companies website