ICICI Direct has given Hold recommendation for GTPL Hathway with a target price of Rs. 290 in its research report issued on Jan 18, 2022

ICICI Direct’s research report on GTPL Hathway

GTPL Hathway (GTPL) is a leading MSO (No. 1 in terms of subscribers) offering cable television (CATV) and broadband services with a strong presence in Gujarat (No. 1 in terms of subscribers). • Expansion into new states and digitisation has led to strong topline and earnings growth of ~27% and ~86% CAGR, respectively, over FY16-21.

Outlook

We maintain HOLD rating on the stock as cable growth is yet to pick up and we would monitor broadband trajectory ahead . We roll over to FY24 and value GTPL at Rs 290 i.e. 14x FY24E P/E.

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