MS on Zomato
Buy, TP Rs 95
Solid combination of growth & improving margins
Indian food delivery market can expand to 3-4x current size, driving est. of 31% GMV & 33% rev CAGR (FY23-26e)
With FY24e EV to sales (including Blinkit for 1st time) at 3.9x, believe vals are attractive
