MakeMyTrip Limited (MMYT): Merger A Game Changer - Jefferies
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Jefferies analyst, Arya Sen, reiterated his Buy rating on shares of MakeMyTrip (NASDAQ: MMYT) after the announcement of the merger with Ibibo group.
The analyst believes this is a game-changer for the company (and the sector) as it combines the top two players in the Indian OTA space and should pave the path to profitability by reducing competitive intensity and promotional spend. Based on transaction data and FY15 financials, the analyst estimates US$260mn net revenues for the combined entity in FY16 which could rise to US$500mn by FY18, with US$300mn coming from standalone hotel booking.
Shares of MakeMyTrip closed at $24.00 yesterday.
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