Appreciate that the negatives are being considered, however the business has visibility on keys for the next 5 years and especially in markets that is seeing very robust ARR growth (Bangalore and Hyderabad). They are starting from a low base on ARR and with continuous refurbishment they should be able to support ARR growth. Marriott has given them W and Westin contracts recently and these brands dont come easy, this means Marriott is happy with their work. Just by ESOP expense fading they will have higher EBITDA margins. They are on 36-37% EBITDAM, and while comparing that to Nexus hotel in Chandigarh they are doing 40% EBITDAM (comparing it to them to just showcase that how much potential Samhi margin increase has given that a Retail REIT who has no focus on hotels is still doing 40% EBITDAM). The business is giving you 11-133% FCF yield so debt can reduce whenever they really wish and lastly the valuation gap is significant vs the peers – half of Juniper and everyone knows junipers performance
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