External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

InterGlobe Aviation Ltd / Equity Bottom-Up

<p>We downgrade the stock to REDUCE and lower our EBITDAR estimates by ~10% over FY22/23E. We set a revised target price of INR 1,580, based on 7X EV/EBITDAR FY23E. Indigos 4QFY21 results were below estimates as the airline reported a loss of INR 11.6bn. The pick-up in aviation traffic is now delayed to 2HFY22 at a time when crude prices are firming up.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We downgrade the stock to REDUCE and lower our EBITDAR estimates by ~10% over FY22/23E. We set a revised target price of INR 1,580, based on 7X EV/EBITDAR FY23E. Indigos 4QFY21 results were below estimates as the airline reported a loss of INR 11.6bn. The pick-up in aviation traffic is now delayed to 2HFY22 at a time when crude prices are firming up.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

InterGlobe Aviation (4QFY21): Recovery priced in. Downgrade to REDUCE