Zomato share price hits new all time high doubles from ipo price
The share price of Zomato reached a record high on Wednesday. According to the latest update, this growth is not going to stop yet.
New Delhi. Online food delivery platform Zomato’s share price rose 5 percent on Wednesday. Its price on NSE was at a record high of Rs 147.80. This is 95 per cent higher than the IPO price of Rs 76 per share. It is believed that this boom in the stock price of Zomato is not going to stop. According to the report of Swiss brokerage UBS Securities, it can climb further by 12 per cent. Also, the target price for 12 months has been kept at Rs 165 per share.
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fast growing internet company
Two companies dominate the food delivery market in India. One of these is Zomato. Its revenue can grow at a CAGR of 40 per cent. Zomato is the fastest growing internet company in India. Shares of Zomato were listed in the market last week at a price of Rs 115. Since then, it has gained 28.52 percent so far.
high growth potential
According to UBS, the online food market in India is likely to continue to grow for a long time due to smaller households, less time, less desire to cook and rising prosperity. According to UBS Securities, Zomato’s EV to sales ratio of 17x for FY24e is not cheap. Despite this, the potential for growth in it is very high. The EV to sales of the global food delivery business is 2-9x better than Zomato’s EV to sales, but Zomato’s growth is estimated at 40-50 per cent as compared to 20-30 per cent of other platforms.
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