Firstcall Research's report on Tourism Finance Corp of India
"Tourism Finance Corp of India, net profit for the quarter rose by 6.60% to Rs. 157.42 million from Rs. 147.68 million, when compared with the prior year period. Revenue is Rs. 452.47 million in Q3 FY15 an increase of 5.49% over the prior period of previous year. In Q3 FY15, EBITDA of Rs. 419.35 million against Rs. 400.29 million in the corresponding quarter of the previous year. The company has reported an EPS of Rs. 1.95 for the 3rd quarter as against an EPS of Rs. 1.83 in the corresponding quarter of the previous year."
OUTLOOK AND CONCLUSION
At the current market price of Rs. 80.55, the stock P/E ratio is at 9.98 x FY15E and 9.21 x FY16E respectively.
Earnings per share (EPS) of the company for the earnings for FY15E and FY16E are seen at Rs. 8.07 and Rs. 8.74 respectively.
Net Sales and PAT of the company are expected to grow at a CAGR of 4% and 8% over 2013 to 2016E respectively.
On the basis of EV/EBITDA, the stock trades at 8.43 x for FY15E and 8.06 x for FY16E.
Price to Book Value of the stock is expected to be at 1.27 x and 1.15 x respectively for FY15E and FY16E.
"We recommend ‘BUY’ in this particular scrip with a target price of Rs 93 for Medium to Long term investment", says Firstcall Research Report.
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