Jefferies has reiterated its positive stance on TBO Tek, raising the target price to ₹1,800 per share while maintaining a buy call. At the current market price of ₹1,548, the target implies an upside of about 16 percent.
The brokerage noted that TBO Tek has acquired Classic Vacations, a US-based luxury travel wholesaler, for $125 million at 11 times EV/EBITDA. This marks the company’s first major deal since acquiring Jumbonline in Europe in 2023, and Jefferies said it aligns with TBO Tek’s roll-up strategy of expanding through acquisitions.
The deal significantly enhances TBO Tek’s premium outbound travel presence in North America, a key growth market. Jefferies said the acquisition underlines management’s focus on scaling the platform globally while strengthening its product offering in the high-value travel segment.
TBO Tek shares were last seen trading at ₹1,548, leaving scope for gains against Jefferies’ revised target price of ₹1,800.
Disclaimer: The views and investment recommendations expressed above are those of Jefferies. They do not represent the views of this publication. This article is for informational purposes only and is not investment advice.
