Buy Greaves Cotton: target of Rs 194: Sharekhan
Sharekhan is bullish on Greaves Cotton has recommended buy rating on the stock with a target price of Rs 194 in its research report dated June 22, 2021.
June 23, 2021 / 02:31 PM IST
Sharekhan's research report on Greaves Cotton
Greaves is set to benefit from government’s push to speed up adoption of EVs through higher incentives. We expect Greaves to clock a 24% revenue CAGR during FY2021-23E also see a sharp rise in margins, leading to a 245% earnings CAGR. The stock trades below historical averages at a P/E multiple of 20x and EV/EBITDA multiple of 12.1x its FY2023E estimates.
We maintain a Buy on the stock with a revised PT of Rs. 194, factoring better multiples, owing to positive business outlook for mobility business.
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