Improving SSSG; better margin delivery

Company
24 May 2024
5 Min read 
  • Barbeque Nation Hospitality's financials and valuations are detailed in the report.
  •  The company delivered 6% revenue growth in 4QFY24, with SSSG of 1.4%.
  •  EBITDA margin improved by over 410bp YoY to 18.4%.
  •  The company plans to add 25-30 stores in FY25 and 100 stores over the next three years.
  •  BBQN's current valuations at 18.7x FY25E and 13.6x FY26E pre-Ind AS EV/EBITDA are comfortable.
  •  The company's PBT margin profile is weaker than other QSR players.
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