Subscribe for Hyundai Motor India IPO; Anand Rathi

Anand Rathi, has come out with its report on Hyundai Motor India Ltd. The research firm has recommended to “ Subscribe” the ipo in its research report as on October 10 2024.

Broker Research

October 14, 2024 / 10:38 IST

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Anand Rathi, Hyundai Motor India Ltd

Hyundai Motor India Limited are a part of the Hyundai Motor Group, the third largest auto original equipment manufacturer (“OEM”) in the world based on passenger vehicle sales in CY2023. They have been the second largest auto OEM in the Indian passenger vehicles market since Fiscal 2009 (in terms of domestic sales volumes) according to the CRISIL Report. They have a track record of manufacturing and selling four-wheeler passenger vehicles that are reliable, feature-rich, innovative and backed by latest technology. This is demonstrated in their portfolio of 13 models across multiple passenger vehicle segments by body type such as sedans, hatchbacks, sports-utility vehicles (“SUVs”) and battery electric vehicles (“EVs”).

Valuation and Outlook

At the upper band company is valuing at 26.2x its FY24 earnings along with being valued at 26.7x if we annualize FY25 earnings. Following the issuance of equity shares, the company's market capitalization stands at ₹15,92,581 million, with a market cap-to-sales ratio of 2.28 based on its FY24 earnings. We believe that the issue is fully priced and recommend “Subscribe – Long Term” rating to the IPO.

For all IPO report, click here