Edelweiss is bullish on Mahindra Holidays & Resorts has recommended buy rating on the stock with a target price of Rs 556 in its research report dated May 22, 2017.
Edelweiss' research report on Mahindra Holidays & Resorts
Mahindra Holidays & Resorts’ (MHRL) Q4FY17 revenue, at INR 3.1bn, jumped 26% YoY. The spurt was driven by healthy member addition of 6,177 (up 27% YoY), highest in the past 5 quarters, propelling FY17 member addition growth to 14% (9% till 9mFY17). Management attributed this primarily to culmination of steps taken in previous quarters.
While stable member addition will spur MHRL’s growth, the company’s focus on driving right member additions will enhance share of annuity income along with moderation in receivables, spurring cash generation. We value MHRL’s standalone business and subsidiaries separately yielding target price of INR556. Maintain ‘BUY’.
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