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LEMONTREE Price Target Potential

BrokerageTargetPotential
Nirmal Bang48-87.71%

LEMONTREE Ratings

Long term LEMONTREE rating by FrontPage users
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LEMONTREE share price target reports by brokerages below. See what is analyst's view on LEMONTREE share price forecast, rating, estimates, valuation and prediction behind the target. You may use these research report forecasts for long-term to medium term for your investment or trades in 2020.
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LEMONTREE Share Price Target

LEMONTREE Share Price Target - Broker Reports - 2022

Price @ Call: 50
16-Feb-22
Target: 48
ACCUMULATE
Price @ Call: 48
14-Feb-22
Target: 48
ACCUMULATE

LEMONTREE Share Price Target - Broker Reports - 2021

Price @ Call: 50
25-Oct-21
Target: 70
BUY
Price @ Call: 52
26-Oct-21
Target: 65
BUY
Price @ Call: 50
26-Oct-21
Target: 48
ACCUMULATE
Price @ Call: 39.95
13-Aug-21
Target: 44
ACCUMULATE
Price @ Call: 42.45
17-Jun-21
Target: 47
ACCUMULATE

LEMONTREE Share Price Target - Broker Reports - 2020

Price @ Call: 27.75
9-Nov-20
Target: 34
BUY
Price @ Call: 27.7
10-Nov-20
Target: 32
HOLD
Price @ Call: 18.26
8-Apr-20
Target: 51
BUY
We maintain Buy on IHCL, Chalet and LTHL: We have assigned Buy rating to IHCL, Chalet and LTHL with TP of Rs127, Rs273 and Rs51, respectively.
... Read more
Price @ Call: 58.74
17-Feb-20
Target: 72
BUY
Stabilization of recently launched hotels in Pune, Mumbai, Chandigarh, Udaipur and Dehradun is likely to drive operating profit in the near term. For FY21/22, we largely maintain our revenue/EBITDA/PAT estimates. We expect revenue/EBITDA CAGR of 26%/36% over FY20-22. We value the stock at 18x FY22E EV/EBITDA and arrive at a target price of INR72. Maintain Buy.
... Read more

LEMONTREE Share Price Target - Broker Reports - 2019

Price @ Call: 58.22
13-Nov-19
Target: 72
BUY
For FY20/21, we largely maintain our revenue and EBITDA estimates, but cut our PAT estimates by 8%/3%, mainly due to lower other income. Stabilization of recently launched hotels in Pune, Mumbai, Chandigarh and Dehradun is likely to drive operating profit in 2HFY20. We value the stock at 18x FY21E EV/EBITDA and arrive at a target price of INR72. Maintain Buy.
... Read more
Price @ Call: 53.49
11-Sep-19
Target: 62
ACCUMULATE
We maintain Accumulate on Lemon Tree and have reduced our target price (TP) primarily due to a combination of: (1) Reducing our ARR estimates for rooms, leading to decline in EBITDA growth. We expect growth in EBITDA to decline from CAGR of 43% (FY19-21E) to CAGR of 31% (FY19-21E) (2) Expect further reduction in EBITDA margin post integration of Keys Hotels with Lemon Tree in the medium term. We maintain our view post meeting with the company and will relook after the integration of Keys in the financial statement is complete (3) High cost of acquisition of Keys Hotels at 29x FY19 EV/EBITDA. We have rolled forward our estimates from FY21E earlier to September FY22E. We recommend Accumulate with a revised TP of Rs62 (earlier Rs64).
... Read more
Price @ Call: 53.33
8-Aug-19
Target: 64
ACCUMULATE
Weak profit due to low RevPar growth and rising costs

The company expects to integrate Keys from 3QFY20. We remain concerned about the impact on the profitability of LTHL in the medium term, given that Keys’ ARR and occupancy are substantially below LTHL. LTHL has guided that it expects the number of rooms to increase from 5,828 to 8,800 over FY20-22. Given the weak growth in ARR, we have reduced our estimate for ARR growth from 10% annually to 7% annually. Further, given our rising concerns on the profitability post Keys acquisition, we have reduced our multiple for FY21 EV/EBITA from 23x to 20x and arrived at a target price (TP) of Rs64.
... Read more
Price @ Call: 64.7
12-Jul-19
Target: 72
BUY
Our revised TP of Rs72 (earlier Rs97) for LTHL is based on 23x (earlier 26x) FY21E EV/EBITDA. The downward revision of TP and multiple is attributable to: 1) Expected further decline in EBITDA in the medium term due to acquisition of Key Hotels, 2) We are concerned about the company’s change in strategy of entering into 5 star and 5 star deluxe segment since they require different operational dynamics and 3) High cost of acquisition of Keys Hotels at a valuation of 29x FY19 EV/EBITDA.
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Price @ Call: 65.95
9-Jul-19
Target: 90
BUY
We believe the acquisition would strengthen LEMONTRE’s position further and ensure its presence across the pricing spectrum in the mid-market segment. Although prima facie the acquisition looks expensive (30x FY19 EV/EBITDA), factoring in the expected synergies in FY21 (based on our estimates), the acquisition cost stands at 13.9x EV/EBITDA. We have factored in the acquisition into our calculations and increased EBITDA estimates by 5%/11% for FY20/FY21. We expect revenue/EBITDA CAGR of 45%/65% over FY19-21 to INR11.6b/INR4.6b in FY21. We value the stock at 21x FY21 EV/EBITDA to arrive at a TP of INR90.Maintain Buy.
... Read more
Price @ Call: 70.64
4-Jun-19
Target: 97
BUY
Our target price of Rs97 is based on 26x FY21E EV/EBITDA supported by EBITDA CAGR of 37% over FY18-FY21E. Our valuation is driven by cyclical upswing in the hospitality sector with an improvement in RevPar and a rise in the number of rooms driving higher revenues. Higher revenues, together with a relatively muted increase in costs and high operational leverage, are expected to lead to strong growth in EBITDA. We are optimistic owing to a healthy balance sheet supported by negative working capital. Although the net debt-to-equity ratio is expected to increase with sustained capex, we believe the sharp rise in operating income will maintain a comfortable interest coverage ratio. We will soon revisit our estimates.
... Read more
Price @ Call: 74.25
25-Apr-19
Target: 90
BUY
Weascribeone-yearforwardEV/EBITDAof22xtoLEMONTRE(10%premiumto Indian Hotels 14-year average of ~20x) considering its strong growth prospects. We arrive at a target price of INR90 and initiate coverage on LEMONTRE with a Buy rating.
... Read more
Price @ Call: 80.55
18-Mar-19
Target: 92
BUY
Our target price of Rs92 is based on 25x FY21E EV/EBITDA which is supported by EBITDA CAGR of 37% over FY18-FY21E. Our valuation is driven by cyclical upswing in the hotel sector with improvement in RevPar and increase in the number of rooms driving higher revenues. Higher revenues, together with a relatively muted increase in costs and high operational leverage, are expected to lead to strong growth in EBITDA. Our optimism is supported by a healthy balance sheet aided by negative working capital. Although the net debt-to-equity ratio is expected to rise with sustained capex, we believe the sharp rise in operating income will maintain a comfortable interest coverage ratio.
... Read more
Price @ Call: 72.45
19-Feb-19
Target: 92
BUY
Our target price of Rs92 is based on 25x FY21E EV/EBITDA which is supported by EBITDA CAGR of 37% over FY18-FY21E. Our valuation is driven by cyclical upswing in the hotel sector with improvement in RevPar and increase in the number of rooms driving higher revenues. Higher revenues, together with a relatively muted increase in costs and high operational leverage, are expected to lead to strong growth in EBITDA. Our optimism is supported by a healthy balance sheet aided by negative working capital. Although the net debt-to-equity ratio is expected to rise with sustained capex, we believe the sharp rise in operating income will help maintain a comfortable interest coverage ratio.
... Read more
Price @ Call: 68.9
17-Jan-19
Target: 92
BUY

LEMONTREE Share Price Target - Broker Reports - 2018

Price @ Call: 71.57
16-Nov-18
Target: 86
BUY
Price @ Call: 71
11-Oct-18
Target: 86
BUY
Price @ Call: 74.3
11-Jul-18
Target: 93
BUY
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