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Buy Ashok Leyland; target of Rs 185: ICICI Direct

ICICI Direct is bullish on Ashok Leyland recommended buy rating on the stock with a target price of Rs 185 in its research report dated February 03, 2023.

February 07, 2023 / 05:51 PM IST
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ICICI Direct's research report on Ashok Leyland

Ashok Leyland (ALL) is a pure-play CV manufacturer domestically, with H1FY23 market share pegged at 17.5%. The company is present in M&HCV trucks and buses as well as LCV goods segments. It also has a formidable presence in the e-mobility (electric buses) domain though Switch Mobility. • FY22 product mix – LCV goods 42%, trucks 52%, buses 6%.


We retain BUY rating driven by cyclical recovery underway in domestic CV space amid robust capex allocation by government in budget 2023-24. Introducing FY25E, we value ALL at unchanged SOTP based target price of Rs 185 (12x core FY24-25E avg. EV/EBITDA, 2.0x P/B for invests).

For all recommendations report, click here

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Ashok Leyland - 06 -02 - 2023 - ic

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first published: Feb 7, 2023 05:51 pm