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Indian Hotels
Domestic occupancies and average room rates stabilising and starting to increase.
Strong free cash-flow generation to ease debt concerns; operating leverage to
amplify earnings.
Valuations below through-cycle average (trading at 9x 1-year forward EV/EBITDA
compared to through-cycle average of 12x).
BUY: TP of INR129 based on 12x FY12E EV/EBITDA (average through-cycle
multiple).
Key Catalysts: World Cup 2011 (Feb 20-Apr 2), Taj Group has a presence in six of
seven cities hosting the World Cup. Further, 4QFY11 is a seasonally strong
quarter.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Indian Hotels
Domestic occupancies and average room rates stabilising and starting to increase.
Strong free cash-flow generation to ease debt concerns; operating leverage to
amplify earnings.
Valuations below through-cycle average (trading at 9x 1-year forward EV/EBITDA
compared to through-cycle average of 12x).
BUY: TP of INR129 based on 12x FY12E EV/EBITDA (average through-cycle
multiple).
Key Catalysts: World Cup 2011 (Feb 20-Apr 2), Taj Group has a presence in six of
seven cities hosting the World Cup. Further, 4QFY11 is a seasonally strong
quarter.
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