Edelweiss is bullish on Spicejet has recommended buy rating on the stock with a target price of Rs 91 in its research report dated November 25, 2016.
Edelweis's research report on Spicejet
While operating parameters and yield/cost management continue to be healthy, balance sheet remains vulnerable to near-term liability risk arising from the HC order on warrants issue, amidst settlement of past dues. At CMP, the stock trades at 6.3x FY17E and FY18E EV/EBITDAR, respectively. We value the stock at 7.5x FY18E EV/EBITDAR (assuming dilution from impending warrants issue). We maintain ‘BUY’ with target price of INR 91.
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