Motilal Oswal's research report on Hero MotoCorp
HMCL’s 3QFY22 operating performance was broadly inline, driven by better realizations despite negative volume growth. HMCL is focused on gaining back the market share, driven by premiumization in the existing portfolio and new launches in the ICE/EVs categories.
Outlook
We maintain our FY23/FY24 EPS estimates. We reiterate our Buy rating with a TP of INR3,100 (15x Dec'24E EPS + INR166/INR86 for Hero FinCorp/Ather after the 20% holding company discount).
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