Fan Site: Inspired, Not Endorsed, By Rakesh Jhunjhunwala

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

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Disclaimer: This is a Fan Site in Rakesh Jhunjhunwala's name. Rakesh Jhunjhunwala is not associated with us and is in no way aware, accountable or responsible for what is stated here. Further, nothing here constiutes investment advice for you to act on. Also, we have a vested interest, and are extremely biased, in everything that we say. So Mind It!