ICICI Securities ups GOV growth view for India's Zomato

ICICI Securities

26/03/2024 09:33

** Zomato's shares  ZOMT.NS  up as much as 3.5%, among top
gainers on Nifty Next 50 index  .NN50 
    ** ICICI Securities raises estimate for Zomato's food
business GOV growth to >20% till FY33, from 15.3% previously
    ** Also hikes quick delivery business Blinkit's GOV growth
estimate to >29% till FY33, from 24.2% previously
    ** ICICI Sec values ZOMT's food delivery business at 60x
1-yr fwd EV/EBITDA, Blinkit at 85x
    ** Reiterates 'buy' on ZOMT, its top pick in Indian internet
space; hikes PT to 300 rupees from 182 rupees
    ** ZOMT last up 3% at ~180 rupees, set to rise for fourth
straight session for cumulative gains of 13.5%
    ** Stock up 45% YTD vs Nifty Next 50 index's 12.2% rise  

    


 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))