Sharekhan's research report on Bajaj Auto
Bajaj Auto Limited (BAL) topline to grow at 12% CAGR over FY19-21, driven by domestic market share gains and healthy export outlook. Margins expected to drop due to intensifying competition amid subdued industry demand & rising cost pressures due to regulations. BAL earnings growth to be at 8% CAGR over next two years; lower than long term average of 12%.
Outlook
We retain Hold rating on the stock with a revised PT of Rs. 3,100 as we rollover our multiple on FY2021 earnings.
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