Subscribe to Easy Trip Planners: Choice Equity Broking

IPO

Choice Equity Broking has come out with its report on Easy Trip Planners. The research firm has recommended to ”Subscribe” the ipo in its research report as on March 05, 2021.

Broker Research

March 08, 2021 / 02:01 PM IST

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//$ .each(d.ac,function(i,v) //{ // accStr+=”+v.nm+”; //}); $ .each(d.data,function(i,v) { if(v.flg == ‘0’) { var modalContent = ‘Scheme added to your portfolio.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //$ (‘#acc_sel_port’).html(accStr); //$ (‘#mcpcp_addportfolio .form_field, .form_btn’).removeClass(‘disabled’); //$ (‘#mcpcp_addportfolio .form_field input, .form_field select, .form_btn input’).attr(‘disabled’, false); // //if(call_pg == “2”) //{ // adtxt =’ Scheme added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //else //{ // adtxt =’ Stock added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //$ (‘#mcpcp_addprof_info’).css(‘background-color’,’#eeffc8′); //$ (‘#mcpcp_addprof_info’).html(adtxt); //$ (‘#mcpcp_addprof_info’).show(); 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Choice Equity Broking IPO report on Easy Trip Planners

Online travel agency Easy Trip Planners Ltd. (Easy Trip), is planning to raise up to Rs. 5,100mn through an IPO, which opens on 8th Mar. and closes on 10th Mar. 2021. The price band is Rs. 186 – 187 per share. • The issue is fully an OFS. The company will not receive any fund from the OFS. The objective of the issue is to get benefit of listing the shares on the stock exchanges, which will further enhance its visibility & brand and also provide liquidity for the existing shareholders.

Valuation and Outlook

At higher price band of Rs. 187, Easy Trip is demanding a P/E multiple of 58.6x (to its restated FY20 EPS of Rs. 3.2). Even though its financial performance on operating level is inconsistent, considering its market positioning among the key OTAs, we feel that the company has advantages like scalable business model, business growth in excess of the sector, cash generation ability etc. Thus considering the above observations, we assign a “SUBSCRIBE” rating for the issue.

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