Axis Capital report on Landmark Cars
We believe Landmark is a great proxy play for PVs in India, owing to (1) management’s solid execution capability, (2) a strong market position, particularly in the luxury segment, (3) being highly correlated with the premiumization trend, (4) having diversified revenue streams able to absorb shocks in new-vehicle sales, and (5) a solid financial position with a healthy balance sheet and cash flows.
Outlook
We initiate coverage with a BUY rating and DCF-derived TP of Rs 810 implying 20x FY25 EPS.
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