MapmyIndia

2023年7月10日,

在印度领先的B2B数字地图服务。10 2023年7月,一41点是10 2023年7月,一41点是WhatsApp关闭视图的位置,地图导航在电话中。(来源:pxhere.com) BQ '特别深入研究部分整理质量和股票和经济从印度各地顶级券商研究报告,资产管理公司和研究机构。这些报告BQ '的用户提供一个机会来扩大他们的了解公司、部门和经济。BQ '特别深入研究部分整理质量和股票和经济从印度各地顶级券商研究报告,资产管理公司和研究机构。这些报告BQ '的用户提供一个机会来扩大他们的了解公司、部门和经济。是的证券报告六个理由购买CE信息系统有限公司(MapMyIndia)集成提供数字地图数据,分析和地理空间软件+收入年复合增长率为35% (FY23-25E)增长前景由越来越多的用例和不断增长的需求在关键的b2b和business-to-business-to -消费市场的汽车和流动性;和消费者的技术。订单预订依然强劲MapmyIndia作为印度数字地图服务的总市场预计将从17亿年的2019美元增长到42亿年的2025美元的CAGR为16.1%。~ 40%的Ebitda利润率利用资产光模型和可变成本较低导致较高的边际贡献。强大定价权,指控其客户,费用根据每辆车每段,每个资产,每个事务,每个用例,等客户除了对MapmyIndia依然强劲,因为这增加了250 +客户FY23和其客户名单包括选框名称如PhonePe、现代、MG汽车Paytm,亚马逊等。产品而言,它是通过两个关键产品类别1)地图和数据(收入的39.7%),2)平台和物联网(60.3%的收入)。 Among its key markets, it is market leader in the automotive sector(~80% market share); and has growing presence in the consumer technology space. Being in this business for over two decades, it has the most comprehensive, detailed and highly accurate digital map database for India compared to its peers. It is also set to benefit from Government focus on 'Made in India' that will help it to win contracts from government. Also, the current government regulations favor domestic players as they don’t need permission to collect, store and process geospatial data within India. The foreign players are barred from creating detailed mapping database of India. Also, foray into B2C space and international expansion provide other levers to drive business growth Strong promoter (Promoter holding 53%) track record as the management team is led by its founder and industry veteran Mr. Rakesh Verma (Chief Managing Director), with four decades of experience in the technology sector. It is a net debt free company with cash of ~ Rs 4.9 billion that provides optionality. Capital allocation remains prudent as seen in return on equity of around 20%. Days sales outstanding at 60 days remains reasonable, with robust free cash flow conversion. Strong revenue growth outlook along with superior margin profile makes it credible play in the digital mapping space. Trades at PER of 35.0 times on FY25E. Revenue / Ebitda /profit after tax are expected to grow at compound annual growth rate of 37.1%/34.9%/32.0% over FY23-FY25E. We initiate coverage with 'Buy' rating with target price of Rs 1550, valuing it through discounted cash flow method, with terminal growth rate of 5% and discount rate of 11.5%. Click on the attachment to read the full report: Yes Securities MapmyIndia Initiating Coverage July-23.pdf View Document ALSO READ