Macroeconomic RisksThe analysis includes a contingency for macroeconomic deterioration, with a 250-300 basis points headwind factored into the estimates, indicating potential challenges from the broader economic environment.
ProfitabilityRestaurant margin of 20.1% was below consensus estimates, indicating lower than expected profitability.
ValuationThe shares are fairly valued at current levels, leading to a downgrade from Buy to Neutral.