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KR Choksey
Cox & Kings Ltd (Buy)
CMP: ₹315.75
Target: ₹380
Cox & King is a leader in tourism industry with 30 per cent market share in domestic outbound market & a natural beneficiary of the Government focus on tourism with burgeoning income level to middle class. Considering higher capacity utilisations in education business, we change our consolidated EBITDA to ₹936 crore and ₹1,096 crore (from ₹864 crore & ₹1,004 crore) for FY15 and FY16 financial years, respectively.
Management indicated overall 15 per cent business growth outlook for education business in fiscal 2015. PGL (its subsidiary) business grew by 10 per cent YoY in Q2 and is expected to perform at same level in the current year.
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