TVS motors (TVSL) Q4FY19 results were below our and consensus estimates on operating level. EBITDA margin for the quarter stood at 7.0% which was below our and consensus estimates of 8.0% and 7.7% respectively mainly on account of high RM cost. We cut our volume and revenue estimates by 1.5% each for FY20E factoring slower growth for 2W in H1FY20 and introduce FY21 estimates. We have built in revenue/earning CAGR of 14% and 21% over FY19-FY21E respectively with EBITDA margin of ~8.4%. We maintain our REDUCE rating and change our TP to Rs430 (earlier Rs480). We reduce our target multiple and value the company at 21x (earlier 23x) on...