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ICICI Securities Report
We re-iterate our Buy rating on Zomato Ltd. and increase our three-stage discounted cash flow-based target price to Rs 300 from Rs 182 as we significantly increase our long term explicit forecasts, given the improved visibility on sustained growth trajectory and sustained improvement in profitability metrics.
Zomato remains our top pick in the Indian internet space. We have also reduced our WACC to 12% from 12.5% earlier given the drastic reduction in volatility over the last one year.
Key risks: Slowdown in discretionary spending, negative externalities disrupting business operations.
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