The stock is up 86% in the last six months, led by market share gains, and it is currently trading at a P/E of 38/30x FY25/26E vs 5Y average 1Yfwd P/E ~21x. Our base case assumes an 11% premium market share, revenue/PAT CAGRs of 44/57% over FY23-26E and a core multiple of ~40x resulting in a ~24% upside. The bull case assumes a 15% premium market share, 52/67% revenue/PAT CAGRs over FY23-26E and 45x multiple, resulting in a ~66% upside from CMP
InterGlobe Aviation is firmly poised to drive the “Towards newer heights and across new frontiers” strategy. Buy for target price of Rs 4009 (22% upside): ICICI Securities
We have been positive on InterGlobe Aviation (IndiGo) led by favourable demand-supply equation and its strong position (balance sheet, market share, management strength and orderbook). The company, in its recent analyst meet (on 22 Mar’24), reaffirmed its three principle strategic pillars: (1) Reassure (on time performance, affordable fares, courteous & hassle-free service and unparalleled network), […]
Review of three key footwear companies, CAMPUS, METRO & Relaxo by SMIFS
We initiate coverage on the three key footwear companies. Based on the current valuations and growth outlook over FY24E-26E, we have assigned BUY ratings to CAMPUS (TP: Rs294, 30% upside), BUY ratings to METRO (TP: Rs1338, 19% upside) and SELL rating to RLXF (TP: Rs763, 8% downside)
Cochin Shipyard will witness significant YoY growth in revenues & profitability over FY24-26E. Buy for target price of Rs 1055 (20% upside): ICICI Direct
We expect CSL to witness significant YoY growth in revenues & profitability over FY24-26E, led by execution pick-up in both the segments and increasing share of margin accretive ship-repair segment. We estimate revenue and PAT to grow at ~23% & ~36% CAGR respectively over FY23-26E as against the de-growth seen over FY20-23
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