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Buy Indian Hotels Company: target of Rs 286: Sharekhan

Sharekhan is bullish on Indian Hotels Company has recommended buy rating on the stock with a target price of Rs 286 in its research report dated March 29, 2022.

March 30, 2022 / 02:05 PM IST
 
 
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Sharekhan's research report on Indian Hotels Company


With the scare of the COVID-19 pandemic reducing, FY2023 will be a comeback year for the hotel sector, led by strong domestic demand and return of foreign tourists (after two muted years). Indian Hotels Company (IHCL) is seeing a good pickup in demand since mid-February and has strong room bookings till May 2022. Q1FY2023 revenues are likely to be above pre-pandemic levels. The company’s fundraising through a rights issue and qualified institutional placement (QIP) of ~Rs. 4,000 crore will be utilised to reduce debt and strengthen its balance sheet in the coming years.



Outlook


Hence, we re-iterate a Buy on the stock with an unchanged price target of Rs. 286. The stock is currently trading at 31.7x and 23.2x its FY2023E/24E EV/EBITDA.


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At 14:02 hrs Indian Hotels Company was quoting at Rs 242.60, up Rs 2.05, or 0.85 percent.


It has touched an intraday high of Rs 245.45 and an intraday low of Rs 240.00.


It was trading with volumes of 238,961 shares, compared to its thirty day average of 372,700 shares, a decrease of -35.88 percent.


In the previous trading session, the share closed up 3.62 percent or Rs 8.40 at Rs 240.55.


The share touched its 52-week high Rs 241.50 and 52-week low Rs 90.94 on 29 March, 2022 and 22 April, 2021, respectively.


Currently, it is trading 0.46 percent below its 52-week high and 166.77 percent above its 52-week low.


Market capitalisation stands at Rs 34,458.89 crore.


For all recommendations report, click here


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first published: Mar 30, 2022 02:05 pm
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