INDIA | Institutional Research | Consumer | 13 November 2020 Mayur Uniquoters l ACCUMULATE l TP: 290 Nothing artificial' about this bounce back Valuation and risks: We have slightly revised our earnings estimates by incorporating minor price hikes and accounting for conservative volumes from Volkswagen and Mercedes. Mayur's buyback of 0.75mn shares at Rs 400 per share indicates management's strong belief in the future business environment and after a successful buyback, the D/E should remain well below 1.0x. We continue to value...