Buy Greaves Cotton: target of Rs 150: Sharekhan

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Sharekhan's research report on Greaves Cotton

Greaves is positioned well to benefit from the Government’s push towards fast adoption of Electric Vehicles (EVs) in automobile industry. We expect Greaves’ earnings to grow robust 70.3% CAGR during FY2021E-FY2023E, driven by 22% revenue CAGR and a 510 bps improvement in EBITDA margin. The stock is trading below its average historical multiple at P/E multiple of 16.9x and EV/EBITDA multiple of 9.7x its FY2023E estimates.

Outlook

We remain positive on Greaves Cotton Limited (Greaves) given its timely thrust on the e-mobility business. We have raised our earnings estimates and target valuation multiple, owing to better business outlook and valuation re-rating of e-mobility sector. We maintain our Buy rating on the stock with revised PT of Rs 150.

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