RateGain Travel Technologies

(RATEGAIN IN)
Rating: Not Rated | CMP: Rs424

January 11, 2022 Gaining momentum at rapid pace…

Management Meet Update Quick Pointers:

Key Financials – Consolidated  New bookings grew 215% YoY in Q3FY22 and 131% YoY in 9MFY22.
Y/e Mar 2019 2020 2021
Sales (Rs. m) 2,616 3,987 2,508  Revenue grew 55% YoY in Q3FY22 and 40% YoY in 9MFY22 with recurring
EBITDA (Rs. m) 218 287 62
revenues at 97% vs 96% in FY21.
Margin (%) 8.3 7.2 2.5
PAT (Rs. m) 110 (201) (286)
Adj. PAT (Rs. m) 110 336 (286)  Customer count increased sharply by ~800 during Sep-Dec21. Active
Gr(%) 205% NA customers now stand at 2,264 i.e. +69% increase over FY21.
EPS (Rs.) 1.2 (2.3) (3.0)
EV/Sales (x) 17 11 18
We hosted RateGain’s management Mr. Bhanu Chopra, Founder & CEO, Mr.
Tanmaya Das, CFO and Mr. Ankit Chaturvedi, Global Head Marketing to
Key Data RATE.BO | RATEGAIN IN
52-W High / Low Rs. 431 / Rs. 429 understand the business performance amidst COVID third wave and
Sensex / Nifty 60,395 / 18,003 company’s future strategy. In Q3FY22 strong travel demand in key markets
Market Cap Rs.45.21 bn/ $ 610.7m
Shares Outstanding 106.8m led to strong revenue growth of 55% YoY, resulting in 40% YoY growth in
3M Avg. Daily Value NA 9MFY22. Management mentioned that the demand continues to inch towards
pre-covid levels in US (~65% of revenue) and UK, despite ongoing COVID
Shareholding Pattern (%)
third wave. This is also reflected in highest number of new contract wins,
Promoter’s 56.58
Foreign 0.00 growth of 215% YoY in Q3FY22 and 131% YoY in 9MFY22 with total bookings
Domestic Institution 0.00
Public & Others 43.42
of USD 10mn (same as pre-covid average bookings). As 75% of its revenue is
Promoter Pledge (Rs bn) - subscription based and rest transaction based, management expects
minimal impact on revenue growth because of COVID.
Stock Performance (%)
1M 6M 12M
Myhotelshop acquisition (closed in Sep-21) has added digital advertising
Absolute NA NA NA
Relative NA NA NA campaign management capabilities and will likely boost both RateGain’s
revenue and profitability, as it had revenue size of INR 503.3mn (20% of
RateGain’s revenue) and PAT margin of 21% in FY21. There is significant
potential to scale up MyHotelshop’s presence (currently in Austria,
Switzerland and Germany) at global level via cross-selling to RateGain’s
existing large clients in US and Europe.

RateGain’s innovative tech DNA differentiates it from competition. It’s

innovative product Price Parity helped to win its largest deal (~0.5 mn USD)
in Distribution segment with large Hotel chain replacing a large incumbent
DerbySoft in Q3FY22. Company aspires to become the go-to partner for guest
acquisition, retention and wallet share expansion for global travel industry
through constant in-house innovations and capability led acquisitions.
Management is disciplined on maintaining positive operating cash flow and
targets EBITDA margin of 20-25% over next 2-3 years.

KTAs from the call and recent business update

 Integrated technology stack for guest acquisition, retention and wallet

Aniket Pande share expansion: RateGain is one of the few companies in travel tech space
aniketpande@plindia.com | 91-22-66322300 offering one stop shop for Hotels, OTAs, cruise liners, vacation rentals, car
Aditi Patil rentals etc. and offers solutions like -1) Distribution (acquiring new customers
aditipatil@plindia.com | 91-22-66322381 through OTAs and indirect channels), 2) MarTech (acquiring customers
through own channel e.g. Hotel website), and 3) DaaS (data analytics and

January 11, 2022 1


Demand.AI, Rev.AI and Content.AI –
will help the travel industry track
future demand, identify new
opportunities to maximize revenue,
and optimize content to get more
bookings respectively.
January 11, 2022
RateGain Travel Technologies
business intelligence suite for improving customer retention and driving wallet
share expansion). It continues to add tech capabilities and aspires to become
the Go-To company for revenue maximization activities in travel industry.
 MarTech is RateGain’s fastest growing business benefitting from wave of
digitization accelerated by COVID. Hotel properties using MarTech have now
increased to 400 from 337 as on Aug 21. MarTech helps clients (e.g. Hotels)
reduce customer acquisition cost as it helps in acquiring customers through
own channels (e.g. Hotel’s website) instead of OTAs which take ~20-25% cut.
RateGain aims to offer complete digital marketing suite through MarTech. Its
interoperable products enable it to leverage insights from DaaS platform to
optimize marketing campaigns.
 No single company has presence across all three businesses: There is no
direct competitor of RateGain as no single company is involved across its all
three businesses. In their DaaS business Rategain competes with 1) Fornova
in OTAs segment, 2) Rate Highway in Car rental segment and 3) OTA Insight,
Amadeus, Sabre in hotel segment. In Distribution segment, largest competitor
is Derbysoft. In MarTech segment, competitors on social selling side are ad-
agencies and other peers like Casual Fridays, Destination Think, Lodging
Interactive etc.
 Competitive intensity has dampened because of COVID in travel tech space.
Competitors like Amadeus and Sabre also partner with RateGain due to its
presence across technology value chain.
 Innovative DNA differentiates RateGain from competition: RateGain’s
innovative products and solutions such as Price Parity helped win the largest
deal (~0.5 mn USD) in Distribution segment with large Hotel chain wherein it
displaced large incumbent DerbySoft in Q3FY22. Its price parity solution will
automatically fix price disparity across various sales channels for the hotel
chain.
 The company’s new RG Labs initiative launched three new products in COVID
year of FY21 – Demand.AI, Rev.AI, and Content.AI. The products are focused
on addressing new challenges that travel industry faces due to COVID-19
pandemic such as lack of reliable historical data, lack of automation to create
reliable forecasts, and lack of processes to manage online content seamlessly.
 Travel performance remains strong despite continuing Covid cases:
Management mentioned that COVID third wave is not having much impact on
demand for travel, as hotel occupancy rates and airline travel are close to pre-
covid levels. RateGain derives 75% of revenue from subscription based pricing
and only 25% from transaction based pricing. Therefore, there may be slight
dip in transaction based revenue due to COVID but management mentioned
that overall impact on revenue growth is expected to minimal.
 STR and Tourism economics have upgraded their forecast for U.S. hotel
industry amidst stronger than expected recovery trend. Revenues per available
room (RevPAR) for U.S. hotels are forecasted to return to $76 in CY22E, +20%
YoY, although 12% lower than CY19 values. (Exhibit 2). This bodes well for
2
 RateGain Travel Technologies

RateGain which derives ~65% of revenue from US and 80% of revenue

from Hotel segment.

 The strong travel demand is also reflected by the daily TSA checkpoint travel
trend. Daily travelers in Sept-Dec CY21 have inched closer to same period
CY19 levels which provides an indication of traveler confidence. (Exhibit 3).

Revenues per available room (RevPAR) for U.S. hotels are

forecasted to return to $76 in CY22E, +20% YoY

Source: Company, PL

Daily TSA checkpoint travel numbers in Sept-Dec CY21 have

inched closer to same period CY19 levels

Source: Company, PL

 Strong travel demand in key markets improved revenue in Q3FY22: The

overall demand for RateGain’s products improved in 9MFY22 driven by a
strong travel demand in key markets of US while most of Europe and Asia

January 11, 2022 3

 RateGain Travel Technologies

continued to be under restrictions following localized lockdowns. Recovery in

revenues was strong in 3QFY22 with 55% YoY growth resulting in revenue
growth of 40% YoY during 9MFY22. Quality of revenues improved with
recurring revenues at around 97% for 9MFY21 (vs 96% in FY21).

Strong recovery in revenue in 3QFY22

Revenue growth YoY

60% 52% 55%

40%
40%

20%

0%

-20%

-40%
-37%
-60%
FY20 FY21 9MFY22 3QFY22

Source: Company, PL

Improving recurring revenue trend

Recurring revenues

98%
98% 98%
98%
97%
97%
96%
97%

96%

96%

95%
FY19 FY20 FY21 9MFY22

Source: Company, PL, (Note: Recurring revenues refer revenues which are
contractually recurring and not one-off.)

Gross retention rate i.e. % of

renewed contractual revenue is also
 Strong client addition and highest ever new contract wins: RateGain had
inching back to pre-covid levels of highest number of new contract wins in Q3FY22, growth of 215% YoY.
92% in 9MF22 (vs 89% in FY21 and 9MFY22 saw a growth of around 131% YoY in new contract wins with total
95% in FY20). Net retention rate USD 10 mn bookings same as pre-covid average bookings. It won two very
(reflecting ability to retain and expand
customers) was also healthy at 121% large deals in Distribution segment in Q3FY22. High volume of new bookings
in 9MFY22. also resulted in improved customer LTV (Lifetime Time Value) to CAC
(Customer Acquisition Cost) ratio to 11.34 in 9MFY21 from 8.9 in FY21.

 RateGain’s customer count increased sharply by ~800 during Sep-Dec 21.

Active customers now stand at 2,264, +69% increase over FY21. Even during
FY21 which was badly impacted by Covid, active customers recorded
increasing trend, +5% YoY.

January 11, 2022 4

 RateGain Travel Technologies

Gross revenue retention rate improving to 92%

Gross revenue retention rate

95%
96%
95%
94% 93%
93% 92%
92%
91%
90% 89%
89%
88%
87%
86%
FY19 FY20 FY21 9MFY22

Source: Company, PL

RateGain was certified as a

‘Customer-Centric’ product company Impressive addition of ~800 active customers during Sep-Dec 21
with an average rating of 4.7 out of 5
on its most reviewed product, which Active customers
is the highest rating as of October 30, 2,500 2,264
2021 in its category.
2,000

1,462
1,500 1,274 1,337
1,190

1,000

500

0
FY19 FY20 FY21 5MFY22 9MFY22

Source: Company, PL

 MyHotelshop acquisition adds capabilities in digital marketing suite:

RateGain completed acquisition of MyHotelshop in Sept 21. It provides Bid-
management, advertising campaign management solutions to Hotels drive
maximum traffic to their hotel’s website. MyHotelshop has presence in Austria,
Switzerland and Germany. RateGain is helping MyHotelshop scale up at global
level, cross-selling to its existing large clients in US and Europe. MyHotelshop’s
25% of revenue is derived from transaction based pricing model which was
impacted due to COVID third wave but is now recovering.

 Myhotelshop will boost both RateGain’s revenue and profitability as it

posted revenue of INR 503.3 mn (20% of RateGain’s revenue) and PAT
margin of 21% in FY21.

 M&A strategy: Management mentioned that they will continue to explore

capability led acquisition with aim to become end-to-end integrated technology
stack maximizing revenue for travel industry players. For example, they intend
to enter in to ancillary platforms for hotels which can recommend and arrange
day’s itinerary for guests. In the past, RateGain’s acquisitions have ranged

January 11, 2022 5

 RateGain Travel Technologies

between 15-20 mn USD with less than 1.5x EV/Sales valuations and it will
continue to do acquisitions in this range.

 Medium term EBITDA outlook: Gross margin of DaaS and Distribution

products is high at 90% whereas MarTech is at 55% as it involves managed
services component. Currently EBITDA margin is at 10-12% and as revenue
scales up operating leverage will kick in due to lower sales & marketing costs
and employee costs as % of revenue. Management targets EBITDA margin to
be 20-25% over next 2-3 years. RateGain will continue to invest in R&D and
focus on developing innovative products in order to help them grow
sustainably.

 Management is disciplined on maintaining positive operating cash flow.

RateGain’s OCF was up +7.7% YoY in FY21 even in COVID year. PAT was
negative due to depreciation and amortization charges.

 Cash on books: The total issue size of IPO was Rs. 1,335.73 crores of which
Rs. 375 crores was fresh issue. In line with the objects of the issue, RateGain
has paid debt availed by RateGain UK from Silicon Valley Bank (Rs. 85.26
Crores). This has made the company debt free, resulting in stronger balance
sheet with around Rs. 420 Cr cash and equivalents.

Key Performance Indicators

Key Performance indicators FY19 FY20 FY21 5MFY22
Revenue mix
DaaS 49% 31% 37% 32%
Distribution 51% 50% 49% 46%
MarTech 19% 14% 22%
Active Customer Count
Hotels 957 1,034 1,098 1,220
OTAs 138 125 132 132
Airlines 17 28 31 27
Car Rentals 69 69 58 65
Others 9 18 18 18
Total 1,190 1,274 1,337 1,462
Average Revenue Per Customer (“ARPC”) (Rs. mn) 2.68 3.18 1.97 0.21
Gross Margins 80.21% 76.17% 79.46% 78.61%
Gross Revenue Retention (% of renewed revenue as compared to previous Fiscal) 92.78% 95.46% 89.24% 92.92%
Revenue by Engagement (%)
Subscription 30.07% 40.86% 44.16% 48.35%
Transaction 34.65% 35.06% 26.34% 27.19%
Hybrid 35.28% 24.07% 29.50% 24.47%
Recurring Revenues (% total revenues)
DaaS 97.00% 98.00% 97.00% 97.57%
Distribution 98.00% 97.00% 95.00% 97.37%
MarTech N.A. 98.00% 99.00% 99.80%

Customer Acquisition Cost (“CAC”) (Rs. mn) 0.9 0.98 0.93 0.07
Revenue per Employee (Rs. Mn) 7.45 6.31 5.91 0.59
Average Booking Value (Rs.) 20,134 16,339 15,733 24,123
Price Points Aggregated (DaaS) (mn) 5,009 6,559 5,834 299
Active Count of Hotel Properties (MarTech) N.A. 384 242 337

Source: Company, PL

January 11, 2022 6

 RateGain Travel Technologies

Key Ratios
Ratios FY19 FY20 FY21
Profitability Ratios
EBITDA margin 8.3% 7.2% 2.5%
PBT Margin 3.6% -4.5% -9.8%
Pre-exceptional Net Profit margin 4.2% 8.4% -11.4%
EBIT margin 0.6% -3.5% -11.9%

Growth
Revenue Growth 52.4% -37.1%
EBITDA Growth 31.9% -78.5%
Pre-exceptional PAT Growth 204.9% NA

Return Ratios
ROCE 0.8% -4.8%
ROE 23.9% -14.9%
ROIC -10.0% -18.5%

Operating Ratios
Cash & Cash equivalents / Total Assets 30.0% 17.4% 42.4%
DSO 87.08 70.13 96.04
OCF/EBITDA 1.86 NA
OCF/PAT 1.59 NA
FCF/PAT NA NA
Source: Company, PL

Peer Financials
Revenue (USD mn) Revenue growth YoY EBITDA margin PAT
CY19/ CY20/ CY21/ CY22/ CY23/ CY19/ CY20/ CY21/ CY22/ CY23/ CY19/ CY20/ CY21/ CY22/ CY23/ CY19/ CY20/ CY21/ CY22/ CY23/
FY20 FY21 FY22E FY23E FY24E FY20 FY21 FY22E FY23E FY24E FY20 FY21 FY22E FY23E FY24E FY20 FY21 FY22E FY23E FY24E
Travel Tech
company
Amadeus 6,236 2,482 3,189 5,110 6,244 7% -60% 28% 60% 22% 43% 14% 25% 37% 41% 1,246 -714 -60 806 1,252
Vertical SaaS
Companies
Freshworks 172 250 366 484 637 45% 47% 32% 31% -13% -18% -1% -10% -4% 1,351 -500 -4 -51 -25
Zendesk 816 1030 1333 1688 2107 36% 26% 29% 27% 25% -11% -7% 10% 10% 13% -170 -218 -218 -217 -191
Veeva 1104 1465 1835 2185 2576 28% 33% 25% 19% 18% 21% 21% 23% 35% 34% 301 380 446 530 654
Guidewire 742 743 786 868 868 3% 0% 6% 10% 12% 6% 4% -7% -1% 2% -27 -67 -150 -135 -88

Source: Company, PL, Note: Zendesk, Amadeus, Freshworks follow Dec year ending, Guidewire follows July year ending and Veeva
follows Jan year ending

Peer Valuations
Price/Sales
CY20/FY21 CY21/FY22E CY22/FY23E CY23/FY24E
Travel Tech
Amadeus 11.9 9.3 5.8 4.7
Vertical SaaS
Freshworks 4.8 3.2 2.5 1.9
Zendesk 12.1 9.3 7.4 5.9
Veeva 26.7 21.3 17.9 15.2
Guidewire 13.2 12.5 11.3 10.1
Average 13.7 11.1 9.0 7.5
Source: Company, PL, Bloomberg

January 11, 2022 7

 RateGain Travel Technologies

Analyst Coverage Universe

Sr. No. Company Name Rating TP (Rs) Share Price (Rs)

1 Affle (India) BUY 1,530 1,194

2 Coforge BUY 5,708 5,973

3 Cyient BUY 1,301 1,065

4 HCL Technologies BUY 1,400 1,326

5 Infosys BUY 2,063 1,898

6 L&T Technology Services BUY 5,705 5,729

7 Larsen & Toubro Infotech BUY 7,239 7,533

8 Mindtree BUY 5,141 4,842

9 Mphasis BUY 3,772 3,423

10 Persistent Systems BUY 4,808 4,872

11 Redington (India) BUY 215 147

12 Sonata Software BUY 994 869

13 Tata Consultancy Services BUY 4,210 3,818

14 TeamLease Services Reduce 4,366 4,187

15 Tech Mahindra BUY 1,908 1,785

16 Wipro BUY 753 719

17 Zensar Technologies BUY 528 533

PL’s Recommendation Nomenclature (Absolute Performance)

Buy : >15%
Accumulate : 5% to 15%
Hold : +5% to -5%
Reduce : -5% to -15%
Sell : < -15%
Not Rated (NR) : No specific call on the stock
Under Review (UR) : Rating likely to change shortly

January 11, 2022 8

 RateGain Travel Technologies

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