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Thursday, November 25, 2010

Thomas Cook (India) LTD ; BUY ON EVERY DECLINE - TARGET Rs.76.00

Scrip Code: 500413 / THOMASCOOK .
CMP: Rs. 60.45; Buy at Rs.55 - 60 levels .
Target: Rs. 66.00 within next 3-6 weeks ; Long term - Rs.76.00.
Market Cap: Rs. 1279.59 cr.
52 Week High / Low: Rs. 78.65 / Rs. 55.65.
Total Shares: 211677560 shares; Promoters : 163471449 shares – 77.22 % .
Total Public holding : 48206111 shares – 22.77 %.
Book Value: Rs. 11.90; Face Value : Rs. 1.00; EPS : Rs. 1.89.
Div : 37.50 %;P/E : 31.98 times; Ind P/E : 59.60; EV/EBITDA: 23.31 . Total Debt : Rs. 167.65 cr; Enterprise Value: Rs. 70.57 per share.
Total Assets : Rs. 440.11 cr.

Thomas Cook India (TCIL) is India’s largest travel and financial services company. The Company launched its Indian operation in 1881 & incorporated in 1978. Currently, it has presence in 55 cities spreading across 200 locations. On pan India level, the company has office located at Mumbai, Pune, New Delhi, Gurgaon, Chandigarh, Agra, Ahmedabad, Bangalore, Baroda, Bhubhaneshwar, Chennai, Cochin, Goa, Hyderabad, Jaipur, Jalandhar, Kolkata, Trivandrum and Vishakapatnam. With over 125 years of presence in India TCIL is focused on providing a broad spectrum of travel-related services that include foreign exchange, corporate travel, leisure travel, and insurance. The company’s overseas subsidiaries offices are located at Sri Lanka, Mauritius, Germany, France, Spain, Canada, UK, USA, Australia, Japan, Korea and China. The company has employee strength of 3000 people.

Business Division
Travel- The company provides different traveling destinations for domestic inbound/ outbound holidays. The company operates over 40 Group Inclusive Tours (GIT) spread across 5 continents.
Corporate Travel Management- The Company provides travel solutions and travel budgets of several large national and multinational companies
Foreign Exchange- The company is leading foreign exchange provider offering wide range of product and services.
Travel Insurance- Being the only travel company that has license to sell insurance co-brand travel insurance products with TATA AIG General Insurance Company.

Business Outlook
The company has entered into tie up with with cruise line operator Indian Ocean Cruises of London based Foresight Smart Ventures in order to market heritage cruise Ms Ocean Odyssey in India and Mauritius.
The company has announced the Gold Circle Programme (GCP), which is in place of nearly 3 years now and the idea behind this is to build franchise programme. The company have taken this upto 42 franchises over this period with the purpose to cover all markets within city or outside the city. The new GCP that has been appointed in Bangalore is primarily done to supplement companies coverage within the city. This is the policy that the company has followed for three years.
The company targets to settup in 120 cities, over the next two years. Which is at present 72 and hopes to achieve 100 in the year 2011 and to 120 by 2012. Essentially they are using foreign exchange business to drive the growth and the leisure business follows. So today they operate in 72 cities, the leisure operates in 42 cities which are targeted to grow by another 10 cities while growing GCP infrastructure by a larger number by during the same period.

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