Buy Taj GVK Hotels; target of Rs 188: ICICI Direct

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ICICI Direct's research report on Taj GVK Hotels

The business of TajGVK has been hit hard in the past two years due to concerns on the Telangana issue along with a sharp rise in room inventory. The inventory in the organised segment has almost doubled to 5,101 in the past five years.

Outlook

The stock is trading at an EV/room of Rs 1.05 crore/room (below industry average of Rs 2.5-3.0 crore/room). Given this, we maintain our BUY rating on the stock with a revised target price of Rs 188/share (i.e. at 20.0x FY19E EBITDA).

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