BQ Prime's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer BQ Prime's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Dolat Capital Report
Mahindra Holidays and Resort India Ltd.'s Q1 FY24 operating performance was in-line. Ebitda was bit soft led by higher rent costs YoY.
Revenue/Ebitda/adjusted profit after tax grew by 13.8/7.2/21.8% YoY. Higher other income on C&CE of Rs 11.4 billion led to healthy profit after tax growth YoY.
We foresee Mahindra Holidays as a re-rating candidate over the next one-two years driven by healthy room additions and consequent member additions and potential turnaround in Holiday Club Resorts and likely strategic sale in it to recoup investments.
Maintain estimates and target price of Rs 370 at 18 times FY25E enterprise value/Ebitda. Downgrade to 'Accumulate' from 'Buy' on 18% run up in stock price in trailing month.
Structurally the business is improvising and is a positive. Accelerated member additions is key trigger which is likely.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
