Moneycontrol
Feb 15, 2018 03:31 PM IST | Source: Moneycontrol.com

Buy Eicher Motors; target of Rs 34764: Motilal Oswal

Motilal Oswal is bullish on Eicher Motors has recommended buy rating on the stock with a target price of Rs 34764 in its research report dated 7 February 2018.

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Motilal Oswal's research report on Eicher Motors

Consolidated revenue grew 23.7% YoY to ~INR22.7b (est. of INR22.1b), with EBITDA growth of 23% YoY to INR7.1b (est. of INR6.9b). However, higher depreciation and lower other income restricted PAT to INR5.2b (+25% YoY; est. of INR5.5b).

Outlook

We cut FY19E EPS by 2% to mainly factor in higher tax. We cut our RE multiple to 27x (30x earlier) to factor in normalization of RE’s volume growth. Maintain Buy with a TP of INR34,764 (Mar-20 SOTP based).

For all recommendations report, click here


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