Hold Eicher Motors; target of Rs 24095: Axis Direct
Axis Direct recommended hold rating on Eicher Motors with a target price of Rs 24095 in its research report dated February 07, 2017.
Axis Direct's research report on Eicher Motors
We continue to like Eicher for structural growth drivers in RE (both on volumes and margin). However, our SoTP (which values RE at 20x FY18 EBITDA; works out to 30x FY18 PE) still struggles to find upside from the current level. Our estimates are largely unchanged, and we maintain HOLD rating with SoTP based TP of Rs 24,095/share.
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