Chalet Hotels Q3 Results Review - Risk-Reward Turning Unfavorable!: Dolat Capital

NDTV Profit’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 NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Dolat Capital Report.Chalet Hotel Ltd. Q3 FY24 was healthy driven by robust 18% RevPAR growth YoY (est 14%), higher other income and lower tax. Revenue/Ebitda/APAT grew by 29/46/74% YoY. Key hotel segment revenue/Ebitda was +29/50% YoY.Chalet is poised for a strong revenue/Ebitda/APAT compound annual growth rate of 16/20/45% over FY24-26E led byincrease in hotel rooms by 7% (~200 in FY26)5.5% RevPAR CAGR andoffice portfolio to become ~2 times (1.2 to 2.4mn sqft) driving the segment Ebitda ~3 times (Rs 0.8 billion to ~Rs 2.2 billion) andsteep reduction in debt/ interest as we factor Rs 20 billion fund-raise at ~Rs 700/sh.The above factor makes Chalet an attractive growth play. But, steep run up in share price (14/34/109% in trailing 1/3/12m) and increased competition in core Mumbai city are key risk. D/G to 'Sell' with revised target price of Rs 650 @ 12 times enterprise value/E to commercial and 20 times enterprise value/E to Hotel business (versus 22 times for Indian Hotels Company Ltd.), blended EV/E is ~18 times FY26E (Rs 610 @ FY26E EV/E)..Click on the attachment to read the full report:.Macrotech Developers, Yes Bank, APL Apollo Tubes Q3 Results Today — Earnings Estimates.DISCLAIMERThis report is authored by an external party. NDTV Profit 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 NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Chalet Hotels Q3 Results Review - Risk-Reward Turning Unfavorable!: Dolat Capital

Upbeat outlook as robust project pipeline to fuel growth in FY26/27

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