Eicher Motors Ltd.

NSE: EICHERMOT | BSE: 505200 | ISIN: INE066A01013 |Industry: 2/3 Wheelers
|Expensive Performer
Durability score
55 /100
Valuation score
16 /100
Momentum score
49.7 /100
Market Capitalizati...
56,803.1 Cr.
AVG Broker Target
24,851.1
PE TTM Price to Ear...
29.0
Eicher Motors Ltd.    
14 May 2019
20822.25
2.47%
SMC online
Bottomline would have slipped further if not for big surge in other income. The EBITDA margin decreased to 27.4% this quarter from 31.5% in the same period last year last year. VECV sold 21,010 trucks and buses in the quarter, declining 9% over the same period last year. Royal Enfield sold 197,567 motorcycles in the quarter, registering adrop of 13% from 226,907...
Eicher Motors Ltd.'s price crossed above SMA30 today
Eicher Motors Ltd.    
13 May 2019
20822.25
2.47%
HDFC Securities
We re-iterate SELL as (1) Royal Enfield's 30%+ margins are behind in our view. We are building in 27.7/27.5% over FY20-21 (vs 30.1% in FY19) for RE business, (2) The demand environment remains weak even as competition (Jawa) has commenced product deliveries, (3) New frontiers product launches and foreign forays are time consuming, with returns expected with a lag and (4) Earnings growth is falling to single digit over FY19-21E . Eicher Motors 4Q APAT of Rs 5.4bn (-16% YoY, +2% QoQ), missed our estimates. The 30% EBITDA margin trajectory is behind. In our view, the new margin band is 26-29%. We are lowering estimates for FY20-21 by ~7%. Our revised SOTP is Rs18,900 (21x FY21E, earlier 22x). Re-iterate SELL.
Eicher Motors Ltd. is trading below it's 50 day SMA of 20890.28
Eicher Motors Ltd.    
13 May 2019
20822.25
2.47%
buy
ICICI Securities Limited
Eicher Motors' core 2-W brand i.e. Royal Enfield (RE)'s explosive volume growth trajectory (45.8% CAGR in CY12-FY18) has tapered in recent times (0.7% YoY growth in FY19 to 8.26 lakh units). The demand scenario has been impacted by multiple headwinds ranging from increased ownership costs (insurance, finance & fuel), regulatory push related price increases, heightened competition, general postponement of consumer discretionary spending and one-offs (Kerala floods, labour strikes). With product costs only slated to go higher in coming times (BS-VI introduction) and general...
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SMC online released a Results Update report for Eicher Motors Ltd. on 14 May, 2019.
Eicher Motors Ltd.    
13 May 2019
20822.25
2.47%
IDBI Capital
Royal Enfield's (RE) Q4FY19 result were below our and consensus estimates at operating level. EBITDA margin for the quarter stood at 27.4% which was below our and consensus estimates of 29.5% and 29.2% respectively mainly on account of higher RM cost. We maintain our cautious view on success of 650 twins in coming times and do not expect any major revival for products like Classic in near term. We estimate 918k volumes for FY20 vs company estimates of 950k for RE business and factor in CV cycle decline in our FY21 estimates. We cut our volume and revenue estimates by 2.6%/2.6% and 1.8%/1.9% for FY20/FY21E factoring slower growth for 2W. We have...
Eicher Motors Ltd.'s price crossed above SMA100 today
Eicher Motors Ltd.    
11 May 2019
20822.25
2.47%
Motilal Oswal
VECV's realizations increased 6.4% YoY (-8.2% QoQ) to INR1.53m. EBITDA margin came in line at 8.5% (-100bp YoY, +190 QoQ). Earnings call highlights: (a) EIM has set a production target of 950k for FY20 (implying ~15% growth on FY19 volumes of ~828k; we estimate volumes of ~848k or ~3% volume growth). (b) There has been a drop in inquiries since Diwali, but the conversion rate is intact. Its key market Kerala has seen some recovery since floods but is yet to fully normalize. (c) EIM added ~90 dealers in FY19 to ~915; targets ~1,000 dealers by endFY20. (e) The company has 42 exclusive outlets in 19 countries and plans to...
Eicher Motors Ltd. is trading above it's 100 day SMA of 20718.37
Eicher Motors Ltd.    
22 Mar 2019
20822.25
2.47%
Emkay
Royal Enfield volumes suffered a 10% yoy decline over Nov'18-Feb'19 despite the absence of negative one-off factors such as production losses due to labor strikes. Volume performance is expected to remain subdued due to the steep but inevitable price...
SMC online released a Results Update report for Eicher Motors Ltd. on 14 May, 2019.
Eicher Motors Ltd.    
15 Mar 2019
20822.25
2.47%
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.
Eicher Motors Ltd.    
21 Feb 2019
20822.25
2.47%
BOB Capital Markets Ltd.
Growth seems to be the overwhelming concern for MPC members as global and domestic slowdown bites. It has gained a pre-eminence as inflation is well within RBI's durable target of 4%. A muted global growth bodes well for domestic inflation as oil prices should remain at current levels. Global and domestic food inflation outlook is also benign. Inflation has continued to decelerate even in Jan'19. A disappointing Q3GDP and benign Feb'19...
Eicher Motors Ltd. is trading below it's 50 day SMA of 20890.28
Eicher Motors Ltd.    
19 Feb 2019
20822.25
2.47%
Emkay
RE's domestic volumes declined 5% yoy in Q3, led by declines in major states such as Tamil Nadu (-37%), Kerala (-24%), Gujarat (-25%), Maharashtra (-15%), Karnataka (-9%), and Andhra Pradesh (-11%). The number of states witnessing a decline has increased...
Eicher Motors Ltd. has lost -31.05% in the last 1 Year
Eicher Motors Ltd.    
15 Feb 2019
20822.25
2.47%
SMC online
In the quarter ended December 2018, Royal Enfield's total revenue from operations rose 3% to Rs. 2,341 crore, compared to Rs. 2,269 crores in the same period last year; Operating margin (OPM) went down by 168 bps to 29.03% and the Operating profit was Rs. 679.53 crores, down by 2% compared to Rs 696.81 crores in the same period last year. The other income went up by 57% to Rs 188.60 crore, thus the PBIDT rose by 6% to Rs 868.13 crore. The Company interest cost jumped to Rs 1.88 crore and depreciation rose to Rs 76.84 crore. Thus, the PBT grew by 5% to Rs 789.41 crore. Tax expense increased by 12% to Rs 256.46 crore and Profit After Tax grew by 2% to Rs. 532.95...
Number of FIIs/FPIs holding stock rose by 6 to 693 in Mar 2019 qtr.