MapMyIndia share price has been on an upward trend since the beginning of the new year 2023. The tech-enabled stock has made a strong comeback after hitting a 52-week high. 1,022 points on the NSE in January 2023. MapMyIndia share price is quoting today 1,166 per share, up nearly 14 per cent from its 52-week low. This has attracted the attention of market observers and retail stock investors. Anand Rathi believes the stock can go higher 1500 level in the long term, to give pf 30 per cent returns to its shareholders.
Being bullish on MapMyIndia shares, Anand Rathi says, “Considering the impact on EBITDA due to higher growth from low margin IoT-led business, we have revised our FY23e/FY24e EBITDA growth to 4.4%/7.4% Cut and introduce FY25e. We maintain our Buy rating on the stock with a lower TP of Rs 1,500 (45x FY25 earnings). Given that MMI has clear advantages in the India context, are not easily repeatable and which prove to be a major hindrance to the maps and navigation business. , we believe the premium valuations should bear out.”
“We forecast 35.8% revenue CAGR over FY23-FY25 based on FY23 opening order book of Rs7bn, up ~86% y/y (~24% of this recognized in FY23 itself) and from Gtrophy We expect the A&M business to register 30% CAGR over FY23-FY25, and the C&E business to register 43% CAGR,” said Anand Rathi. “We all know Google Maps because of its reach android phone, MapMyIndia is equally big but unfortunately still unknown. A B2B and B2B2C market leader in India, MMI was an early mover (1995) in digital mapping of India. It pioneered digital-mapping technologies such as AI-powered 4D high-definition digital maps of the real world, and the N-CASE mobility suite for digital vehicles.”
On suggestion to positional investors regarding MapMyIndia shares, Anand Rathi said, “We maintain our Buy rating on the stock with Lower TP. 1,500 (45x FY25 income).
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint. We advise investors to check with certified experts before taking any Investment Decision.
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