ICICI Securities initiates coverage on Awfis Space Solutions, sees 11% upside potential

Considering the above, analysts at ICICI Securities believe that given Awfis’ superior RoCE profile which is likely to consistently range over 20% FY26E onwards and net cash balance sheet combined with an estimated 48% EBITDA CAGR over FY24-27E, an EV/EBITDA of multiple of 25x is justified in line with hotel peers.