Jubilant FoodWorks share price rises nearly 4% on Popeyes deal

Stocks

CLSA has maintained an ‘outperform’ rating on the stock with a target at Rs 3,000 per share.

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Jubilant FoodWorks share price rose nearly 4 percent in the early trade on March 25 after it signed a master franchise and development agreement with PLK APAC Pte.

“…. has entered into an exclusive master franchise and development agreement with PLK APAC Pte Ltd, a subsidiary of Restaurant Brands International Inc (RBI),” the company said in the release.

The agreement will help the company to develop, establish, own and operate and to license franchisees to develop, establish, own and operate, Popeyes Restaurants in India, Bangladesh, Nepal and Bhutan.

Also Read – Popeyes in India: Jubilant FoodWorks to bring US fast food chain to Indian subcontinent

“We are happy to announce the signing of a multi-country agreement to acquire the exclusive rights to operate and sub-license the iconic Popeyes brand in India and neighbouring countries. Chicken is one of the largest and fastest growing categories in India and is expected to grow rapidly in years to come,” said Shyam S Bhartia, chairman, and Hari S Bhartia, Co-Chairman, Jubilant Foodworks.

“Popeyes will be an exciting addition to the JFL portfolio and is expected to become one of the key drivers of growth for us in the coming years,” they said.

Since its acquisition by RBI, Popeyes has expanded successfully into Spain, Switzerland, China, Brazil, Sri Lanka and the Philippines over the past few years.

Popeyes will also enter the United Kingdom and build its presence in Mexico starting in 2021, with plans to open several hundreds of restaurants across both countries.

CLSA | Rating: Outperform | Target: Rs 3,000

The company is quick to address opportunities with optionality continues to widen. The company continues to expand its landscape with yet another food business tie-up.

With this initiative, the company to address the demand for seasoned chicken offerings and continue to see support to already elevated valuation multiples, reported CNBC-TV18.

jubilant

At 0917 hours, Jubilant Foodworks was quoting at Rs 2,963.60, up Rs 94.30, or 3.29 percent on the BSE.

The share touched a 52-week high of Rs 3,215 on February 23, 2021 and a 52-week low of Rs 1,159.50 on March 24, 2020, respectively. It is trading 7.82 percent below its 52-week high and 155.59 percent above its 52-week low.