BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
GATI Ltd., along with Safexpress, TCI Express Ltd., Blue Dart Express Ltd, and Delhivery, remains one of the key organised express logistics players pan-India.
Recent acquisition (CY19) by Allcargo Logistics Ltd. has revived GATI’s corporate ambitions of reclaiming the best express logistics player status in the country.
The actions taken, under the new management team, to stem past seven-eight years of market share loss appear promising.
We concur with management vision of three times revenue growth with improved margin profile over next three years. This will potentially allow expansion of profitability, earnings as well as valuations multiple over FY22E-FY24E.
We studied the impending IPOs of new-age logistics players and their implied valuations – and we find GATI’s valuation much more nominal and conducive, given its underlying profitability and growth potential.
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