YES Securities' research report on Indiamart
Dominant market share in B2B online classified business with around 70% market share in paid listings. The overall growth in business is led by higher value proposition for sellers and the efficient matching algorithm resulting in higher buyer satisfaction. Enjoys substantial network effect attracting more buyers and sellers to the platform. The strength of business model is visible in the 13.5% CAGR growth in paying subscribers over FY18-23 and 23.2% CAGR growth in the number of registered buyers during the period. The success of business model and its longevity can be inferred from the fact that >50% of the registered buyers are repeat buyers.
Outlook
We maintain BUY Rating on the stock with revised target price of Rs 3,950/share based on 15 year DCF method with terminal growth rate of 5% post projection period of FY24-FY38E and WACC of 11.5%.
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