Neutral Barbeque Nation Hospitality Ltd For Target Rs. 265 by Motilal Oswal Financial Services Ltd

* Demand environment remains subdued as there is no meaningful improvement. We model flat revenue YoY.
* We expect same-store sales decline of 3%; expect 7 store additions in 2Q, taking the total count to 243.
* ADS expected to decline 8% YoY to INR140-142k.
* Gross margins expected to decline 10bp YoY to 68%. EBITDA margin expected to decline 60bp YoY to 14.3% on the back of operating deleverage.
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