Neutral United Foodbrands Ltd for the Target Rs. 235 by Motilal Oswal Financial Services Ltd
* Demand environment remains subdued as there is no meaningful improvement. We model 5% revenue YoY.
* We expect same-store sales to be flat YoY; expect 11 store additions in 3Q, taking the total count to 253.
* ADS expected to decline 5% YoY to INR150-152k.
* Gross margins expected to decline 110bp YoY to 67.1%. EBITDA margin expected to decline 70bp YoY to 18%.

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