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Jefferies retains TBO Tek Buy, sees 18% upside on hotel-led growth
Jefferies retained Buy on Indian travel-tech platform TBO Tek, raising its target to Rs 1,905 for 18% upside. It cited stronger operating leverage, 22% organic GTV growth and hotel-led expansion, while MakeMyTrip prioritises share gains and Ixigo faces investment-driven margin pressure.
Reported figures
From the report. Source details below
| TBO Tek organic EBITDA growth: | 28% YoY |
|---|---|
| TBO Tek adjusted PAT growth: | 51% YoY |
| TBO Tek FY28E EV/EBITDA: | 20x |
| MakeMyTrip constant-currency gross bookings growth: | 21% |
| Ixigo GBV growth: | 19%; EBITDA declined 5% |
| TBO Tek hotel GTV: | Rs 7,577.7 crore |
| TBO Tek hotel take rate: | 10.55% |
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