Maxim Group Maintains a 'Buy' on MakeMyTrip; Strong 2Q12 Results as MMYT Builds on Fast-growing Indian Travel Market

Maxim Group maintains a 'Buy' on MakeMyTrip (NASDAQ: MMYT) price target raised from $25 to $39.

Maxim analyst says, "MMYT reported 2Q12 (March year-end) net revenues of $21.3M, up 66% vs. our estimate of $18.8M, and the consensus estimate of $18.7M. Revenue during the quarter increased 66% y/y, suggesting growing momentum from the 1Q12 52% increase...MMYT is executing as revenue should triple over a three-year period, growing by 44% y/y to $132M in FY13 and a further 42% y/y in FY14 to $188M. EBITDA should grow six-fold in a three-year period – increasing 96% y/y in FY13 to $26M and a further 53% to $40M in FY14."

"MMYT is not inexpensive, but its $1.3B market capitalization relative to the opportunity it presents, as the dominant internet company in an total Indian travel market of ~$40B, growing to $60B in next three year, is large."

For an analyst ratings summary and ratings history on MakeMyTrip click here. For more ratings news on MakeMyTrip click here.

Shares of MakeMyTrip closed at $33.25 yesterday.

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