Financials The Indian Hotels Company Limited NSE India S.E.

Equities

INDHOTEL

INE053A01029

Hotels, Motels & Cruise Lines

Market Closed - NSE India S.E. Other stock markets 07:43:47 2024-04-26 am EDT			5-day change	1st Jan Change
569 ^INR	-1.44%		-4.71%	+29.79%

Apr. 25	Indian Hotels' Consolidated Profit Jumps in Fiscal Q4	MT
Apr. 24	Transcript : The Indian Hotels Company Limited, Q4 2024 Earnings Call, Apr 24, 2024

Valuation

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	183,562	89,075	131,889	338,623	460,778	808,989	-	-
Enterprise Value (EV) ¹	196,783	107,516	173,871	373,278	474,060	839,954	785,639	768,778
P/E ratio	64 x	25.1 x	-18.3 x	-121 x	45.9 x	66.7 x	47.8 x	40.2 x
Yield	0.32%	0.67%	0.36%	0.17%	0.31%	0.22%	0.29%	0.32%
Capitalization / Revenue	4.07 x	2 x	8.37 x	11.1 x	7.93 x	12.4 x	10.3 x	9.22 x
EV / Revenue	4.36 x	2.41 x	11 x	12.2 x	8.16 x	12.4 x	10 x	8.76 x
EV / EBITDA	23.7 x	11.1 x	-48.1 x	92.2 x	26.3 x	38.9 x	29.1 x	24.7 x
EV / FCF	84.5 x	32 x	-32.6 x	106 x	41.3 x	55.5 x	48.3 x	39.6 x
FCF Yield	1.18%	3.13%	-3.07%	0.95%	2.42%	1.8%	2.07%	2.53%
Price to Book	4.22 x	2.04 x	3.62 x	4.79 x	5.77 x	8.79 x	7.41 x	6.41 x
Nbr of stocks (in thousands)	1,189,258	1,189,258	1,189,258	1,420,400	1,420,400	1,423,400	-	-
Reference price ²	154.4	74.90	110.9	238.4	324.4	568.4	568.4	568.4
Announcement Date	4/30/19	6/10/20	4/30/21	4/27/22	4/27/23	4/24/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	45,120	44,631	15,752	30,562	58,099	67,688	78,538	87,753
EBITDA ¹	8,297	9,675	-3,618	4,048	18,046	21,571	26,995	31,115
EBIT ¹	5,019	5,633	-7,714	-13	13,885	17,028	21,926	26,064
Operating Margin	11.12%	12.62%	-48.97%	-0.04%	23.9%	25.16%	27.92%	29.7%
Earnings before Tax (EBT) ¹	4,017	3,955	-8,495	-2,582	12,946	16,655	21,950	26,252
Net income ¹	2,868	3,544	-7,201	-2,477	10,026	12,591	17,027	20,348
Net margin	6.36%	7.94%	-45.72%	-8.11%	17.26%	18.6%	21.68%	23.19%
EPS ²	2.410	2.980	-6.050	-1.970	7.060	8.860	11.90	14.14
Free Cash Flow ¹	2,328	3,361	-5,342	3,536	11,484	14,287	16,276	19,419
FCF margin	5.16%	7.53%	-33.91%	11.57%	19.77%	21.01%	20.72%	22.13%
FCF Conversion (EBITDA)	28.06%	34.74%	-	87.37%	63.64%	65.05%	60.29%	62.41%
FCF Conversion (Net income)	81.17%	94.83%	-	-	114.54%	112.1%	95.59%	95.44%
Dividend per Share ²	0.5000	0.5000	0.4000	0.4000	1.000	1.265	1.639	1.824
Announcement Date	4/30/19	6/10/20	4/30/21	4/27/22	4/27/23	4/24/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Maart	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	5,599	6,150	3,446	7,284	11,112	8,721	12,661	12,326	16,858	16,254	14,664	14,604	19,181	19,107	16,717
EBITDA ¹	-167.4	713.1	-1,488	728.4	3,218	1,590	3,779	2,940	5,972	5,355	4,102	3,822	6,794	6,776	-
EBIT ¹	-1,191	-330.2	-2,514	-289.2	2,219	571	2,753	1,914	4,939	4,279	3,011	3,062	5,480	5,734	4,036
Operating Margin	-21.27%	-5.37%	-72.95%	-3.97%	19.97%	6.55%	21.74%	15.53%	29.3%	26.32%	20.54%	20.97%	28.57%	30.01%	24.15%
Earnings before Tax (EBT) ¹	-1,484	-1,023	-3,150	-1,297	1,094	770.8	2,309	1,687	4,950	4,000	2,939	2,328	5,324	5,340	-
Net income ¹	-1,189	-913	-2,773	-1,206	760.1	741.9	1,700	1,216	3,827	3,283	2,224	1,838	4,327	4,310	3,153
Net margin	-21.23%	-14.85%	-80.49%	-16.55%	6.84%	8.51%	13.43%	9.86%	22.7%	20.2%	15.17%	12.58%	22.56%	22.56%	18.86%
EPS ²	-1.000	-0.7700	-2.330	-1.010	0.6100	0.5600	1.200	0.8600	2.690	2.310	1.570	1.602	2.994	3.047	2.218
Dividend per Share ²	-	0.4000	-	-	-	0.4000	-	-	-	1.000	-	-	-	-	-
Announcement Date	2/3/21	4/30/21	8/9/21	10/21/21	2/1/22	4/27/22	8/8/22	11/10/22	1/31/23	4/27/23	7/27/23	-	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	13,221	18,441	41,982	34,654	13,283	-	-	-
Net Cash position ¹	-	-	-	-	-	15,469	23,350	40,212
Leverage (Debt/EBITDA)	1.593 x	1.906 x	-11.6 x	8.562 x	0.7361 x	-	-	-
Free Cash Flow ¹	2,328	3,361	-5,342	3,536	11,484	14,287	16,276	19,419
ROE (net income / shareholders' equity)	6.63%	7.31%	-21.3%	-4.88%	13.3%	14.8%	15.9%	16.7%
ROA (Net income/ Total Assets)	2.98%	3.01%	-7.39%	-2.12%	7.49%	-	-	-
Assets ¹	96,134	117,556	97,464	116,673	133,791	-	-	-
Book Value Per Share ²	36.50	36.60	30.70	49.70	56.20	64.60	76.70	88.60
Cash Flow per Share ²	5.980	6.920	-2.680	4.730	11.40	10.90	14.30	15.90
Capex ¹	4,786	4,874	2,155	3,180	4,706	5,502	6,936	6,694
Capex / Sales	10.61%	10.92%	13.68%	10.41%	8.1%	8.09%	8.83%	7.63%
Announcement Date	4/30/19	6/10/20	4/30/21	4/27/22	4/27/23	4/24/24	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for The Indian Hotels Company Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

568.4 INR

Average target price

608.6 INR

Spread / Average Target

+7.09%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Hotels, Motels & Cruise Lines

	1st Jan change	Capi.
MARRIOTT INTERNATIONAL, INC.	+6.80%	69.42B
HILTON WORLDWIDE HOLDINGS INC.	+11.00%	50.54B
INTERCONTINENTAL HOTELS GROUP PLC	+13.31%	16.25B
HYATT HOTELS CORPORATION	+16.03%	15.31B
ACCOR	+22.20%	11.17B
MINOR INTERNATIONAL	+11.86%	5.05B
HILTON GRAND VACATIONS INC.	+10.35%	4.64B
ASSET WORLD CORP	+23.03%	3.79B
EIH LIMITED	+90.34%	3.56B

Other Hotels, Motels & Cruise Lines