Emaky research has maintianed buy rating on Thomas Cook with target price of Rs 115 in March 25, 2008 research report. "We expect that the recent developments would be value driver for the company in the long run. We belive that the company would be able to bring in the rights issue to replace high cost debt in the balance sheet in the second half of CY08. Previously we assumed the ratio of 1 share for 3 shares for Rs 2250 million of rights issue to be raised by the company. But with change in market conditions, we expect the dilution through rights issue would be lesser. Once we get more clarity on the rights issue ratio, we will revise our EPS estimates. We maintain our financial estimates for CY08E and CY09E. On the basis of CY09E EPS of Rs 4.2, the scrip is currently trading at a P/E of 22.3x. We belive that the recent developments would deliver higher returns in the long run and would result into higher growth rate in the next 5-7 years. We revise our one year target price from previous target price of Rs 97 to Rs 115 and maintain BUY on the scrip," according to Emkay research report.