The 24 reports from 11 analysts offering long term price targets for TVS Motor Company Ltd. have an average target of 421.64. The consensus estimate represents a downside of -5.89% from the last price of 448.05.
|Summary||Date||Stock||Broker||Price at Reco.||Target||Price at reco|
Change since reco(%)
|2019-10-31||TVS Motor Company Ltd.||Chola Wealth Direct||486.65||435.00||486.65 (-7.93%)||2.91||Sell|
Chola Wealth Direct
Background: TVS Motors Company Limited (TVSM) is the third-largest two-wheeler manufacturer in India with revenues of INR 182bn in FY19. The company manufactures motorcycles, scooters, mopeds and three-wheelers and has a production capacity of 4mn two-wheelers and 0.12mn three-wheelers.TVS Motors is credited with many innovations in the Indian automobile industry, notable among them being the introduction of India's first two-seater moped, the TVS 50cc. The company has 4 manufacturing plants in total with three of them in India (Hosur, Mysore and Nalagarh in India and one in Indonesia, Karawang). In FY19, 40% of volumes were from sale of...
|2019-10-18||TVS Motor Company Ltd.||Geojit BNP Paribas||456.50||440.00||456.50 (-1.85%)||Target met||Sell|
|2019-10-17||TVS Motor Company Ltd.||Prabhudas Lilladhar||439.80||439.00||439.80 (1.88%)||Target met||Hold|
TVSL's results were operationally better as EBITDA margins came in at 8.8% Change in Estimates | Target | Reco (PLe: 7.7%), expanding +20bp YoY/ +80bp QoQ. The margins beat was led by lower RM (20bp QoQ), cost control benefits (130bp QoQ). Going forward,...
|2019-10-17||TVS Motor Company Ltd.||Motilal Oswal||439.80||434.00||439.80 (1.88%)||Target met||Neutral|
YoY (-4% QoQ) to 885.8k units in 2QFY20. Realizations increased ~7% YoY mix and price increases. Revenues were down ~13% YoY to INR43.5b. Gross 17 October 2019 driven by cost-cutting initiatives (120bp QoQ) and mix (40bp QoQ). For 1HFY20, revenue/EBITDA/PAT were down ~4%/2%/6% YoY. (a) Heavy rain during Navratras in the central/east region and Maharashtra resulted in much lower retails. However, retails have started picking up since the last few days due to receding rains. Diwali retails are expected to be good for TVSL. (b) Rural economy will likely improve either in 4QFY20 or 1QFY21 as sentiment is turning positive. (c) The strong focus on cost reduction is leading to a continuous improvement in margins. (d) TVSL expects further commodity cost benefit in 2HFY20. (e) Inventory is stable at five weeks.
|2019-07-30||TVS Motor Company Ltd.||Chola Wealth Direct||344.50||375.00||344.50 (30.06%)||Target met||Neutral|
Chola Wealth Direct
Background: TVS Motors Company Limited (TVSM), the third-largest two-wheeler manufacturer in India, is a part of TVS Group; it manufactures motorcycles, scooters, mopeds and three-wheelers in India. TVS Motors is credited with many innovations in the Indian automobile industry, notable among them being the introduction of India's first two-seater moped, the TVS 50cc. The company has presence in all the three sub-segments of two wheelers, i.e., motorcycles, scooters...
|2019-07-25||TVS Motor Company Ltd.||Geojit BNP Paribas||363.80||344.00||363.80 (23.16%)||Target met||Sell|
Geojit BNP Paribas
TVS Motors (TVS) is the third largest two- wheeler manufacturer in India with market share of 14.8% in FY19. Q1FY20 revenue grew by 7%YoY owing to marginal price hike and increase in export sales(+10%YoY). Volume for the quarter came at negative 1%YoY, largely accounts to sluggish domestic demand. EBITDA margin improved by 30bps (in line with our estimates) owing to lower input cost and cost control measures. However PAT de-grew by 3%YoY due to higher interest & depreciation cost....
|2019-07-24||TVS Motor Company Ltd.||IDBI Capital||360.05||310.00||360.05 (24.44%)||30.81||Sell|
TVS motors (TVSL) Q1FY20 results were above our and consensus estimates at operating level. EBITDA margin for the quarter stood at 8.0% which was above our and consensus estimates of 7.0% and 7.3% respectively mainly on account of low RM cost. We cut our volume and revenue estimates by 10% and 14% for FY20E factoring slower growth for 2W in YTD-FY20. We have built in revenue/earning CAGR of 6% and 8% over FY19-FY21E respectively with EBITDA margin of ~8.1%. We change our rating to SELL (earlier REDUCE) and TP to Rs310 (earlier Rs430). We reduce our target multiple and value the company at 19x (earlier 21x) on account of demand uncertainty and higher...
|2019-07-23||TVS Motor Company Ltd.||Nirmal Bang Institutional||370.10||344.00||370.10 (21.06%)||Target met||Sell|
Nirmal Bang Institutional
TVS Motor Company reported better-than-expected 1QFY20 earnings at Rs1.42bn vs our estimate of Rs1.36bn, mainly driven by better-than-expected EBITDA margin. EBITDA margin improved by 100bps QoQ and 30bps YoY to 8% (vs NBIE est 7.2%), driven by (1) Better-than-expected raw material cost reduction due to lower commodity costs, (2) Cost saving measures like alternate sourcing and reduction in import content from 14% to 11% YoY and (3) Improved mix due to higher exports and better forex realizations. EBITDA rose by 16% YoY to Rs3.56bn. Total revenue at Rs44.7bn was largely in line with our estimate and grew by 7.6% YoY. The company took a 0.1% price increase in 1Q and another one in July'19, which is a total 0.3% increase this year. In the...
|2019-07-23||TVS Motor Company Ltd.||Arihant Capital||370.10||399.00||370.10 (21.06%)||Target met||Hold|
TVS Motor Co (TVSL) reported in-line operating performance in Q1FY20 as net sales stood at Rs 44.7bn (+7.6% YoY / +1.9% QoQ) led by higher realizations which stood at Rs 48k (+8.2% YoY / +0.2% QoQ). Gross margins at 24.9% (+104bps YoY/ +149bps QoQ) was due to higher export mix and softening of commodity prices. The EBITDA margin stood at 8% (+58bps YoY/ +93bps QoQ) vs our est of 7.2% on account of efforts towards cost reduction through value engineering. On the concall, management highlighted that demand will remain weak in Q2 FY20....
|2019-07-23||TVS Motor Company Ltd.||Reliance Securities||370.10||351.00||370.10 (21.06%)||Target met||Sell|
|2019-06-24||TVS Motor Company Ltd.||Sharekhan||430.50||480.00||430.50 (4.08%)||Target met||Hold|
For TVS Motors (TVS), FY2019 was another great year as the company continued to outpace the industry growth driven by new launches and expanding its geographical reach. TVS grew at more than double the industry rate in FY2019 with its subsidiaries also turning profitable. Return ratios remained strong in excess of 20%. FY2020 however, is likely to be a challenging year, due to a dwindling demand environment. Volume slowdown coupled with intense competitive pressures and cost increases due to regulatory norms, are likely to keep the earnings...
|2019-05-04||TVS Motor Company Ltd.||Geojit BNP Paribas||484.10||449.00||484.10 (-7.45%)||Target met||Sell|
Geojit BNP Paribas
TVS Motors (TVS) is the third largest two- wheeler manufacturer in India with market share of 14.2% in FY19. Q4FY19 revenue grew by 9.4%YoY driven by marginal price hike of 0.4% and increase in export sales(+22%YoY). Volume for the quarter came at 2%YoY, largely due to lower domestic demand. EBITDA margin declined by 40bps to 7% (our estimate were 7.6%)...
|2019-05-02||TVS Motor Company Ltd.||IDBI Capital||479.80||430.00||479.80 (-6.62%)||Target met||Sell|
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...
|2019-05-02||TVS Motor Company Ltd.||Prabhudas Lilladhar||479.80||474.00||479.80 (-6.62%)||Target met||Accumulate|
We are downgrading our rating from Accumulate to Hold due to sustained Change in Estimates | Target | Reco disappointment on margins and weak industry outlook. For Q4FY19, TVS motor's revenues grew ~10% YoY, ahead of our expectations, to Rs43.8bn....
|2019-04-30||TVS Motor Company Ltd.||BOB Capital Markets Ltd.||488.75||550.00||488.75 (-8.33%)||22.75||Buy|
BOB Capital Markets Ltd.
TVS Motor's (TVSL) Q4FY19 volumes were up just 2% YoY while realisations grew a healthy ~8%, leading to a 9.8% increase in revenue to Rs 43.8bn. Weak gross margins restricted EBITDA growth to 9.8% YoY at Rs 3.1bn and EBITDA margins to 7%, while higher interest costs and taxes saw adj. PAT drop 19% YoY to Rs 1.3bn. We pare FY20/FY21 EPS estimates by 6.9%/6.3% to build in lower volumes and margins, along with higher finance costs. Upon...
|2019-04-30||TVS Motor Company Ltd.||Dolat Capital||479.80||456.00||479.80 (-6.62%)||Target met||Sell|
Margin Under Pressure, RiskReward is Unfavorable; SELL TVSL reported a disappointing PAT of ` 1.33bn (-19.2% YoY). This was despite a revenue increase of 9.8% YoY, led by a higher volume growth (+2% YoY) and better realizations (+7.6% YoY). The EBITDA margins was under pressure (at 7%, flat YoY), as it was impacted by the fall in gross margin (+280bps YoY affected by adverse product mix, negative operating leverage, inventory adjustment, and commodity inflation). The management expects the 2W industry growth to be muted in Q1FY20, and...
|2019-03-02||TVS Motor Company Ltd.||Sharekhan||479.80||530.00||479.80 (-6.62%)||18.29||Hold|
below our as well as the consensus estimate. Topline at Rs 4,384 crore grew 9% y-o-y on the back of growth of 7% growth in realizations due to increasing share of nonmopeds and price hikes undertaken. Volume growth slowed down sharply to 2% driven by weak retail demand due to slowing economic growth and rural stress. Operating margins at 7% declined 40 bps...
|2019-01-23||TVS Motor Company Ltd.||Nirmal Bang Institutional||525.50||442.00||525.50 (-14.74%)||Target met||Sell|
Nirmal Bang Institutional
TVS Motor Company's 3QFY19 performance was above our expectations as it reported PAT of Rs1.78bn which was 18% above our estimate. EBITDA margin at 8.1% for the quarter was above our estimate of 7.6%. Margins were higher due to two reasons: 1) Reclassification of other income in operating income as per new IND-AS rules. 2) Better cost control because of lower other expenditure. Net sales at Rs46.6bn grew 26% YoY on 20% YoY volume growth. Absolute EBITDA at Rs3.8bn grew by a strong 25% YoY and was 11% above our estimate. Gross margin for the quarter at 24.2% remained flat on QoQ basis. Realisation for the quarter grew 3% QoQ/5% YoY as the company went for a price hike in 3QFY19, which coupled with a better product mix resulted in...
|2019-01-23||TVS Motor Company Ltd.||Chola Wealth Direct||525.50||607.00||525.50 (-14.74%)||35.48||Buy|
|2019-01-23||TVS Motor Company Ltd.||Geojit BNP Paribas||525.50||490.00||525.50 (-14.74%)||Target met||Sell|
Geojit BNP Paribas
Despite taking price hike for the quarter EBITDA margin improved marginally by 30bps which is below our expectation. We believe TVS would continue to gain market share in MC/scooter segment on account of recent launches and network expansion. Higher raw material price & heightened competition in the commuter MC segment and in the scooter is expected to keep margin under check. Considering the near term headwinds we lower our EBITDA margin estimate by 20bps/40bps for FY19/FY20E respectively....