Motilal Oswal's research report on EPL
EPLL reported healthy operating performance in 1QFY25, with EBITDA rising 17% YoY, led by the Americas (up 94% YoY; ramp up of Brazil), followed by Europe/EAP (up 31%/10% YoY). However, EBITDA for AMESA declined 4% YoY (due to higher investments to drive growth ahead). We broadly maintain our earnings estimates for FY25/FY26. We value the stock at 20x FY26E EPS to arrive at our TP of INR275. Reiterate BUY.
Outlook
We largely maintain our earnings estimates for FY25/FY26. We value the stock at 20x FY26E EPS (i.e., at ~20% discount to the five-year average of one-year fwd. P/E of 24.7x) to arrive at our TP of INR275. Reiterate BUY.
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