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Prabhudas Lilladher Report
We cut FY24/25 earnings per share estimate of Westlife Foodworld Ltd. by 8.4/7.4% respectively although we remain positive on long-term growth story given brand moat and huge scope to increase penetration.
Westlife Foodworld has bucked the trend of demand slowdown from the past few quarters, however there has been some softening in demand off late as consumers cut back on spending amidst higher food inflation.
Westlife Foodworld is on a path of sustained growth with-
success of Mcsaver value meal,
sustained traction in chicken business in south and
ability to provide all day menu across breakfast, snack and meals.
Westlife Foodworld is looking at makeover of McCafe with more food options and accelerated innovations in its core segments of Burgers, Chicken and coffee in H2 FY24 which is expected to provide sustained traction in festival season.
We estimate sales/EPS compound annual growth rate of 18.2%/30.6% over FY23-26. We assign discounted cash flow based target price of Rs 958 (Rs 932 earlier) with 'Hold' rating ('Accumulate' earlier) with positive bias in long-term.
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