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Neutral Indiamart Intermesh; target of Rs 4946: Choice Equity Broking

Choice Equity Broking recommended Neutral rating on Indiamart Intermesh with a target price of Rs 4946 in its research report dated November 09, 2022.

November 13, 2022 / 07:16 PM IST
 
 
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Choice Equity Broking's report on Indiamart Intermesh

Indiamart Intermesh (IMIM), India’s largest B2B digital marketplace, reported Q2FY23 revenue from operations at Rs. 241 cr (a YoY growth of 32%). This was largely due to ~6% sequential/ 25% YoY increase in number of paying subscription suppliers (to 188092), alongwith additional Rs. 10.8 Cr revenue from accounting software services. Deferred revenues increased 30% YoY and 3% QoQ to Rs. 984 cr. IMIM registered traffic of 261 mn and total business enquiries of 23 mn during Q2 FY23. Supplier Storefronts grew to 7.3 mn, an increase of 1% QoQ and 10% YoY.

Outlook

We deploy a DCF-based methodology on the standalone free cashflows and add the investments/ cash on book made at book value to arrive at a target price of Rs 4,946. This implies an exit PE multiple of 40.5x FY24E EPS and 34x FY25E EPS.

For all recommendations report, click here

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Indiamart Intermesh - 08-11-2022 - choice

Broker Research
first published: Nov 13, 2022 07:16 pm

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