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Anand Rathi Report
An aggregator, Travel Boutique Online (TBO Tek Ltd.) helps travel distribution between suppliers (e.g. >750 airlines, ~one million hotels globally) and buyers (travel agencies, independent travel advisors, etc).
Travel suppliers need a way to market their inventory efficiently to buyers, who in turn need access to these to meet their customers' travel requirements.
Being modular (offering need-specific modules) and asset-light, this platform is scalable with the potential to launch new solutions, thereby creating a network effect.
We expect revenue/ Ebitda/profit after tax compound annual growth rate of 28.1%/35%/34.7% over FY24-26E and initiate coverage on the stock with a Buy and a 12-month target price of Rs 2,150, ~60 times FY26e earnings per share.
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