Eicher Motors Ltd.

NSE: EICHERMOT | BSE: 505200 | ISIN: INE066A01013 |Industry: 2/3 Wheelers
|Expensive Performer

Eicher Motors Ltd.    
15 Mar 2019
HDFC Securities
We reinstate coverage with a SELL and have a target price of Rs 21,000 based on SOTP. Multiple factors are likely to impact the growth outlook at Eicher. After witnessing robust growth over CY12-FY18, when earnings grew at 46% CAGR, we believe earnings growth will moderate to 10% CAGR over FY19-21E as lifestyle segment growth normalizes in India, competition steps in and export initiatives take time to pay off.
Number of FIIs/FPIs holding stock rose by 6 to 693 in Mar 2019 qtr.
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