Hold Eicher Motors; target of Rs 2480: ICICI Direct

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ICICI Direct's research report on Eicher Motors

Eicher Motors (EML) is the market leader in the >250 cc premium motorcycle segment (market share ~90%+) through its aspirational models under the Royal Enfield (RE) brand, such as Bullet, Classic, Interceptor among others • Via its JV with Volvo i.e., VECV (EML has 54.4% stake), the company has a presence in the CV space as well (6.6% FY22 market share) • Strong net cash positive b/s with healthy return ratios metrics.

Outlook

We retain our HOLD on EML and await better monthly volume prints of RE. We value EML at Rs 2,480 on SOTP basis; assigning 23x PE to RE business & 20x PE to VECV business on FY24E numbers.

For all recommendations report, click here

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