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Buy Lemon Tree Hotels; target of Rs 110: ICICI Direct

ICICI Direct is bullish on Lemon Tree Hotels recommended buy rating on the stock with a target price of Rs 110 in its research report dated November 14, 2022.

November 24, 2022 / 03:53 PM IST
 
 
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ICICI Direct's research report on Lemon Tree Hotels


Promoted by Patanjali Keswani, Lemon Tree is the largest hotel chain in the mid-priced segment in India. It operates 8,489 rooms in 87 hotels across 54 destinations in India and abroad under brands like Aurika (premium), Lemon Tree premier, Lemon Tree (midscale), RedFox (economy) and Keys. The favourable location of its properties in prominent business and tourist districts supports revenue growth prospects and reduces concentration risk • Post completion of expansion, LTHL will be operating ~10,462 rooms in 105 hotels across 64 destinations, in India and abroad by FY24E.


Outlook


We retain BUY rating on this stock. We value the company at Rs 110/share (unchanged) on an SOTP basis (i.e. implied value at 28x FY24E EV/EBITDA).


For all recommendations report, click here

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Lemon Tree Hotels - 14 -11-2022 - icici
Broker Research
first published: Nov 24, 2022 03:53 pm