The brokerage has factored revenue/EBITDA CAGR of 12/10% over FY23-25. Management hasreiterated improved funnel of new deal, but its translation into meaningful growthwill be key for TCOM to achieve double-digit earnings growth. The silver lining is itsstrong FCF of INR14-23b despite increase in capex implying FCF yield in the mid-single digits and healthy ROCE of over 20% and continued deleveraging. Sustained improvement in earnings growth visibility willbe vital for valuation rerating
