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Buy Lemon Tree Hotels; target of Rs 110: Motilal Oswal

Motilal Oswal 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 27, 2022 / 07:38 PM IST
 
 
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Motilal Oswal's research report on Lemon Tree Hotels

LEMONTRE posted a robust revenue growth (up 2x YoY; 29% from 2QFY20 levels) in 2QFY23, led by increasing ARR (up 19% from 2QFY20 levels) and normalcy in the Hotel industry. Despite occupancy being lower by 8.6pp from 2QFY20 levels, RevPAR improved by 5% to INR3,255. We retain our FY23/FY24 EBITDA estimate and maintain our Buy rating.

Outlook

We expect LEMONTRE to deliver a revenue/EBITDA CAGR of 59%/97% over FY22-24 and RoE to improve to 13% by FY24. We retain our FY23/FY24 EBITDA estimate and maintain our Buy rating on the stock, with a FY24E SoTP-based TP of INR110.