11.02.2022 - CS on Zomato Maintain Overweight CMP 94 Target 120
11.02.2022 - BOFA on Zomato Maintain Buy CMP 94 Target 115
GOLDMAN SACHS ON ZOMATO - 30.08.2021
Initiate on Zomato with BUY, Target at Rs 180/share
Zomato has captured half of India's online food delivery market
Zomato is well-positioned to grow its share
Forecast GOV/revenues for Zomato to grow 11x/13x6 from FY21 levels
Expertise in food delivery will help Zomato enter and expand
Expect Zomato to be EBITDA profitable by FY24E
* Zomato has strong business moats
* Risk-reward as balanced at the current stock price
* Food-tech is an attractive business opportunity
* India's online food delivery market is at an early stage of penetration
* Underlying restaurant market is fragmented
Mumbai & Delhi
• Interesting development in context of formal exit last year
• Zomato's offering is similar to Swiggy's instant delivery
• Grocery is an attractive market but is fiercely competitive
MORGAN STANLEY ON ZOMATO - 30.08.2021
• Initiate with Equal-Weight, Target at Rs 140/share* Zomato has strong business moats
* Risk-reward as balanced at the current stock price
* Food-tech is an attractive business opportunity
* India's online food delivery market is at an early stage of penetration
* Underlying restaurant market is fragmented
• Market structure is favorable and consolidated
JEFFERIES ON ZOMATO - 18.08.2021
• Zomato has forayed into the grocery space in cities incl.Mumbai & Delhi
• Interesting development in context of formal exit last year
• Zomato's offering is similar to Swiggy's instant delivery
• Grocery is an attractive market but is fiercely competitive
• Zomato is set to pick up c.10% stake in Grofers
