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IDBI Capital Report
We initiate coverage on Apeejay Surrendra Park Hotels Ltd. with a Buy rating and target price of Rs 245, valuing it at 19 times enterprise value/Ebitda on FY27E. We like Apeejay in domestic mid-segment hotels space considering-
Strong positioning in midsegment branded hotels in key cities,
Robust pipeline of hotels in next four years,
Focus on expansion of Flurys business,
Superior performance on operating metrics compared to industry peers, and
Management pedigree.
Its track record of delivering the highest occupancy compared to peers, healthy high single digit growth in average daily rate and higher revenue contribution from Flurys paves the way for handsome shareholder returns in mid-term.
We anticipate consistent performance on a high base of FY24 and have penciled in modest CAGR of 11%/11%/26% in net sales/Ebitda/PAT over FY24-27E.
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