CHALET HOTEL
Sure! Here's a simplified point-wise tabular representation of the key information:
**Company: Chalet Hotels Ltd.**
- Rating: BUY
- Target Price: Rs603/share
- Valuation:
- Hotel business: 18x EV/EBITDA
- Rental assets: 9% cap rate
- Residual value of Vivarea, Bengaluru project
- Growth Strategy:
- Focus on ownership route for hotel room and office rental portfolio expansion
- Mix of existing project expansion and long-term leases
- Estimated Financials (FY23-26E):
- Hotel EBITDA CAGR: 18%
- EBITDA Margins: 44-45%
- Operating Cash Flow: Rs22.1bn
- Incremental Capex: Rs17.6bn
- Key Risks:
- Fall in hotel RevPARs
- Weak office leasing
- Assets:
- Marquee assets in key geographies across India
- Portfolio of nine fully operational hotels (2,802 keys)
- Commercial spaces (~1.5msf)
- Expansion Plan:
- Operational hotel portfolio: Increase from 2,634 keys (Mar'23) to 3,760 keys (FY26E)
- Incremental room capacity expansion: 40% on existing assets
- Rental portfolio expansion: Increase operational rental area to 3.0msf by FY26E
- Cumulative Capex: Rs19-20bn over FY24-26E (evenly split between hotels and office rental assets)
- Expected Growth:
- Operational hotels: 11% revenue CAGR (FY23-26E)
- Hotel revenue (existing + new): 17% CAGR (FY23-26E)
- Hotel EBITDA CAGR: 18.3% (FY23-26E)
- Rental income: Rs2.7bn (FY26E)
- Rental EBITDA: Rs2.3bn (FY26E)
Please note that this information is a simplified representation and may not include all the details mentioned in the original report.
**Company: Chalet Hotels Ltd.**
- Rating: BUY
- Target Price: Rs603/share
- Valuation:
- Hotel business: 18x EV/EBITDA
- Rental assets: 9% cap rate
- Residual value of Vivarea, Bengaluru project
- Growth Strategy:
- Focus on ownership route for hotel room and office rental portfolio expansion
- Mix of existing project expansion and long-term leases
- Estimated Financials (FY23-26E):
- Hotel EBITDA CAGR: 18%
- EBITDA Margins: 44-45%
- Operating Cash Flow: Rs22.1bn
- Incremental Capex: Rs17.6bn
- Key Risks:
- Fall in hotel RevPARs
- Weak office leasing
- Assets:
- Marquee assets in key geographies across India
- Portfolio of nine fully operational hotels (2,802 keys)
- Commercial spaces (~1.5msf)
- Expansion Plan:
- Operational hotel portfolio: Increase from 2,634 keys (Mar'23) to 3,760 keys (FY26E)
- Incremental room capacity expansion: 40% on existing assets
- Rental portfolio expansion: Increase operational rental area to 3.0msf by FY26E
- Cumulative Capex: Rs19-20bn over FY24-26E (evenly split between hotels and office rental assets)
- Expected Growth:
- Operational hotels: 11% revenue CAGR (FY23-26E)
- Hotel revenue (existing + new): 17% CAGR (FY23-26E)
- Hotel EBITDA CAGR: 18.3% (FY23-26E)
- Rental income: Rs2.7bn (FY26E)
- Rental EBITDA: Rs2.3bn (FY26E)
Please note that this information is a simplified representation and may not include all the details mentioned in the original report.
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