Easy Trip Planners share price hit a 52-week high to jump more than 13 percent in the morning session on November 22, zooming over 31 percent in the last two days as the stock traded ex-split and ex-bonus.
A meeting of the company’s board of directors is to be held on November 23, 2022 to consider and approve the allotment of bonus equity shares.
The board fixed November 22 as the record date to finalise eligible beneficiaries for the issuance of 3:1 bonus shares as well as 1:2 stock subdivision.
The company's board had on October 10 announced three bonus shares for every one held along with a split of an equity share of Rs 2 face value into two shares of Rs 1 each.
ICICI Direct revised the target price of Easy Trip Planners to Rs 63 and maintained “buy” recommendation on the stock.
The online travel market in India is set to grow at 12-13 percent CAGR during FY23E to FY27E. Within this market, online air ticketing is set to grow at 15 percent CAGR during the same period as more travellers (retail as well as corporate) migrate from offline to online platforms, it said
“In line with the industry trend, the company is likely to grow at a healthy pace of 14.3 percent CAGR during FY23E-24E while on lower base of FY22, GBR is expected to grow at 41.2 percent during FY22-25E," the brokerage said.
"At the gross take rate of ~9.3 percent, we expect revenue and PAT CAGR of 47.1 percent and 33.7 percent, respectively, during FY22-24E.”
Its low-cost model and no convenience fee strategy would strongly support the company in gaining market share from competitors, ICICI Direct added.
At 10.58 am, Easy Trip Planners was quoting at Rs 64.65, up Rs 7.50, or 13.12 percent on BSE. It touched an intraday high of Rs 66.50 and an intraday low of Rs 59. It has touched a 52-week high of Rs 66.50.Disclaimer: The views and investment tips expressed by experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.