Buy TVS Motor Company; target of Rs 2839: Sharekhan

Buy

Sharekhan's research report on TVS Motor Company

Reported APAT at Rs 663 crore (up 23.5% y-o-y) as against the estimate of Rs 655 crore on 70 bps y-o-y expansion in EBITDA margin to 11.7%. This was the consecutive fifth quarter when TVSM has reported EBITDA margins of above 11%

Outlook

We maintain a Buy on the stock with an unchanged PT of Rs 2839 eyeing a gradual revival in export volumes, successful launches in the EV space and sustenance of high EBITDA margins. Stock trades at P/E multiple of 30.6x and EV/EBITDA multiple of 18.1x its FY27E estimates.

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TVS Motor Company - 24102024 - khan