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Buy Tube Investments of India; target of Rs 2380: Motilal Oswal

Motilal Oswal is bullish on Tube Investments of India recommended buy rating on the stock with a target price of Rs 2380 in its research report dated August 03, 2022.

August 05, 2022 / 10:07 PM IST
 
 
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Motilal Oswal's research report on Tube Investments of India


Performance in 1QFY23 was driven by strong revenue growth, particularly in the Engineering business. Traction in revenue is expected to continue, driven by a recovery in underlying Auto volumes, traction in Railways, and continued ramp-up in exports. It will invest INR10b (INR2.5b each) in four segments (excluding 2Ws) for taking EVs to the market. We have maintained our FY23/FY24 estimates and our Buy rating with a TP of INR2,380 (Sep’24E SoTP based).



Outlook


We maintain a BUY rating and a TP of ~INR2,380 (premised on Sep'24E SOTP, based on 30x for the standalone business and valuing listed subsidiaries at 20% HoldCo discount).

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Tube Investments of India - 040822 - moti

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first published: Aug 5, 2022 10:05 pm
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