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    HomeNewsBusinessStocksBuy Ashok Leyland: target of Rs 100: ICICI Direct

    Buy Ashok Leyland: target of Rs 100: ICICI Direct

    ICICI Direct is bullish on Ashok Leyland recommended buy rating on the stock with a target price of Rs 100 in its research report dated November 09, 2020.

    Broker Research
    November 12, 2020 / 18:12 IST
       
       
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      ICICI Direct's research report on Ashok Leyland

      Ashok Leyland (ALL) reported a healthy operational performance in Q2FY21. Revenues came in at Rs 2,837 crore, down 28% YoY, courtesy higher than anticipated ASPs (Rs 14.6 lakh/unit). Total CV sales volumes in Q2FY21 were at ~19,444 units (down ~33% YoY). EBITDA came in at Rs 80.4 crore with corresponding EBITDA margins at 2.8%. Savings were realised under all cost heads. Consequent loss at the PAT level was limited to Rs 147 crore.

      Outlook

      Hence, we maintain BUY on ALL, valuing it at Rs 100 (SOTP; 10x FY23E CV segment EV/EBITDA, 1.5x P/B for investments). Key upside risk to our estimates is mandatory and affirmative scrappage policy by the central government.

      For all recommendations report, click hereDisclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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      Broker Research
      first published: Nov 12, 2020 06:12 pm

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