Shares of CE Info Systems (MapMyIndia) Ltd. surged over 11% on Thursday after Goldman Sachs initiated coverage with a 'buy'. The brokerage set a target price of Rs 2,800 apiece for the counter, implying an upside of 27%.
The brokerage house believes that the company is well-poised to benefit from an early leadership position in fast-growing end-markets including automotive navigation, mapping devices, connected vehicles, telematics, and government digitisation.
The company commands more than 80% of the market share in the auto OEM navigation software space. Goldman Sachs forecasts an average revenue growth of 38% in the fiscal 2024–2027 period and a steady Ebitda margin in the 38–41% range, driven by a pickup in internet-of-things-led business growth, supported by newer opportunities in people and goods mobility and the auto aftermarkets.
The company is not capital intensive, and the brokerage house values it at a price-to-earnings ratio of 50 times based on discounted cash flow valuation.
Key Levels To Watch
Resistance level: Rs 2,344 (life high)
Support level: Rs 1,940 (three-day low)
Analyst Recommendations
Shares of the company jumped 11.55% to intraday high of Rs 2,008.05. It pared gains to trade 10.22% lower at Rs 2,213.30 apiece as of 10:20 a.m., compared with a 0.08% decline in the benchmark Nifty 50.
Four of the six analysts tracking the company have a 'buy' call and one suggests a 'sell' and one maintains a 'hold', according to Bloomberg. The consensus target price implies a 2.2% upside on the stock.
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