Neutral on InterGlobe Aviation, target price Rs 1525: Motilal Oswal

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Neutral on InterGlobe Aviation, target price Rs 1525:  Motilal Oswal


Motilal Oswal has neutral call on InterGlobe Aviation with a target price of Rs 1525. The current market price of is Rs 1605.55.

InterGlobe Aviation Ltd., incorporated in the year 2004, is a Large Cap company (having a market cap of Rs 61420.37 Crore) operating in Airlines sector.

Financials
For the quarter ended 31-12-2020, the company reported a Consolidated sales of Rs 4909.98 Crore, up 79.13 % from last quarter Sales of Rs 2740.96 Crore and down -50.56 % from last year same quarter Sales of Rs 9931.69 Crore Company reported net profit after tax of Rs -620.14 Crore in latest quarter.

Investment Rationale
Despite the current state of uncertainty in the industry, INDIGO’s stock performance over the past one year is up ~10%. We value the company at 16x (~33% premium to global peers) FY23E EPS to arrive at Target Price of INR1,525 – no significant upside to CMP.


Promoter/FII Holdings
Promoters held 74.9 per cent stake in the company as of Dec 30, 2020, while FIIs held 17.3 per cent, DIIs 5.6 per cent and public and others 2.2 per cent.





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