Target: ₹1,920
CMP: ₹1,651.80
TBO Tek’s inaugural investor meet in Dubai focused on its global distribution strength and superior supplier relations within the luxury travel market. The leadership, including the CEO of Classic Vacations, explained how these strategic partnerships with premium airlines, hotels and advisors enable a differentiated, high-service offering, providing an edge over online travel agencies (OTAs) and bed banks.
TBO’s management noted that a significant majority of global wealth (80-90 per cent) is held by just 10 per cent of the world’s population. This affluent segment, comprising roughly 60 million millionaires and 600 million aspiring millionaires, is driving a substantial shift in spending habits
The importance of consortia relationships in established markets was also a key discussion point. TBO also highlighted some of its recent investments in technology that help it differentiate itself from competitive platforms and better manage operational costs.
Overall, the management noted that TBO is well-positioned to capture the opportunity in the luxury travel space on the back of its heavy investments in technology and exclusive supplier networks. While we broadly maintain our near-term estimates, roll-forward to Dec’26 increases TP to ₹1,920 derived basis 40x NTM PER (unchanged).