514.90 5.55 (1.09%)
NSEJan 21, 2021 01:29 PM
The 27 reports from 11 analysts offering long term price targets for TVS Motor Company Ltd. have an average target of 403.82. The consensus estimate represents a downside of -21.57% from the last price of 514.90.
|Summary||Date||Stock||Broker||Price at Reco.||Target||Price at reco|
Change since reco(%)
|2020-11-09||TVS Motor Company Ltd. +||Chola Wealth Direct||478.95||404.00||478.95 (7.51%)||21.54||Sell|
Chola Wealth Direct
In 2QFY21, TVS motor's revenue increased by 5.9% YoY (221% QoQ) to 46bn despite a 2% YoY decline in volume. The decline in volumes was largely compensated by higher realizations up 8.1% YoY The Company undertook a blended price hike of 1.5% to pass on the higher costs of BS-VI which led to realization growth. The volume recovered to last year's levels on account of pent-up demand, strong rural economy, availability of retail financing and rise in preference of personal mobility. For 2HFY21E management remains cautiously optimistic as sustainability of...
|2020-10-30||TVS Motor Company Ltd. +||Motilal Oswal||455.50||445.00||455.50 (13.04%)||Target met||Neutral|
Net sales grew by 6% YoY to INR46b as volumes declined 2% YoY and realizations grew ~8.1% YoY (-1.1% QoQ) to INR53.1k (v/s est. INR54.7k), driven by the BS6 cost pass-through. Gross margins contracted 70bp QoQ (-320bp YoY) to 23.5% (est. 25%) on the impact of BS6 cost inflation (as contribution margins have not yet been...
|2020-10-30||TVS Motor Company Ltd. +||Axis Direct||455.50||445.00||455.50 (13.04%)||Target met||Hold|
|2020-10-30||TVS Motor Company Ltd. +||Nirmal Bang Institutional||455.50||371.00||455.50 (13.04%)||27.95||Sell|
Nirmal Bang Institutional
TVS Motor Company (TVS) reported EBITDA of Rs4.3bn, beating our estimate of Rs3.5bn, driven by cost reduction initiatives, price hikes (~1.5% on blended basis in July), partially offset by limited BS-VI pass Sector: Automobile through and adverse segment mix. Net sales grew by 6% YoY to ~Rs46.1bn, marginally above our estimate of ~Rs45.2bn on the back of higher-than-expected increase of 8% YoY in average selling price CMP: Rs422 (ASP) on account of BS-VI price increase. Reported PAT stood at Rs19.63bn, an increase of 9.7% YoY, mainly due to better operational performance, higher other income, partially offset by higher Target Price: Rs371 depreciation. EBITDA margin improved by 50bps YoY to 9.3%, driven by lower staff cost (on account of salary reduction) and marketing cost reduction. Staff salaries have been reinstated from October. The Downside: 12%...
|2020-10-30||TVS Motor Company Ltd. +||Geojit BNP Paribas||455.50||463.00||455.50 (13.04%)||Target met||Accumulate|
Geojit BNP Paribas
TVS Motors (TVS) is the third largest two- wheeler manufacturer in India with a market share of 13.9% in FY20. We believe sentiments in the rural is positive and urban demand is cautiously optimistic. Higher export, stability in exchange rate and pent up demand are currently driving the industry numbers. Q2FY21 revenue came marginally below our expectation at 6%YoY due to muted volume demand of 2%YoY. However, premium product mix, higher export and price hike led to the growth....
|2020-10-29||TVS Motor Company Ltd. +||BOB Capital Markets Ltd.||455.50||315.00||455.50 (13.04%)||38.82||Sell|
|2020-10-29||TVS Motor Company Ltd. +||Sharekhan||458.40||470.00||458.40 (12.33%)||Target met||Buy|
TVS Motors Limited's (TVSM) Q2FY2021 results were higher than our as well as consensus estimates, driven by better-than-expected margin performance. Overall revenue grew by 6% y-o-y, driven by an 8% y-o-y increase in realisation due to price hikes on account of BS6 norms. Volumes dropped marginally by 2% y-o-y. Operating profit margin (OPM) stood at 9.3%, highest in the past decade and beating our expectation of 8.5%. Margin improved on a y-o-y basis despite cost pressures on account of BS6 norms. Cost-control measures led to margin improvement. Demand in domestic market has improved, driven by strong rural...
|2020-08-28||TVS Motor Company Ltd. +||Axis Direct||449.75||400.00||449.75 (14.49%)||22.32||Sell|
|2020-08-05||TVS Motor Company Ltd. +||Geojit BNP Paribas||416.90||355.00||416.90 (23.51%)||31.05||Sell|
Geojit BNP Paribas
TVS Motors (TVS) is the third largest two- wheeler manufacturer in India with a market share of 13.9% in FY20. Q1FY20 revenue de-grew by 68%YoY due to sluggish Industry demand and production lock down in April & May month. Sales volume declined by 71%, dragging the firm into operating losses of 50cr, added up by higher material and fixed cost. Despite taking price hike in Q1 and July by 1.1% we believe TVS could not pass the full BS6 cost due to weak demand and...
|2020-08-03||TVS Motor Company Ltd. +||Arihant Capital||421.50||422.00||421.50 (22.16%)||Target met||Hold|
TVS Motor loss for the quarter stood at Rs 1,391 Mn during Q1FY21. Standalone revenue stood at Rs 14,317 Mn for Q1FY21 vs Rs.44,686 Mn for the Q1FY20. Lower volumes due to Covid-19 pandemic led to fall in revenue. Company has reported EBITDA loss of Rs 488 Mn, as compared to EBITDA gain of Rs 3,558 Mn in Q1FY20. Total Volume was down by 71.1% YoY to 2,66,933 units. Both production and sales were severely impacted during the quarter. Interest cost increased due to additional borrowings in 1QFY21 to ensure timely payment to suppliers. The...
|2020-07-30||TVS Motor Company Ltd. +||Nirmal Bang Institutional||387.50||285.00||387.50 (32.88%)||44.65||Sell|
Nirmal Bang Institutional
TVS Motor Company (TVS) reported EBITDA loss of Rs488mn, below our estimate of Rs594mn. Net sales declined by 68% YoY to Rs14.32bn due to ~71% YoY decline in volume while the average selling Sector: Automobile price (ASP) increased by 10.8% YoY on account of BS-VI price increase. Net loss stood at Rs1.39bn, below our expected net loss of Rs1.55bn mainly due to better operational performance and lower than CMP: Rs402 expected depreciation. Gross margin declined by ~70bps YoY to 24.1% on account of increase in material costs due to BSVI, partially offset by cost reduction initiatives and a blended price hike of Target Price: Rs285 0.7% in 1QFY20. EBITDA margin was negative mainly on account of negative operating leverage (on lower volume), which was partially offset by lower salary costs, curtailment of marketing, travelling Downside: 29%...
|2020-07-30||TVS Motor Company Ltd. +||Motilal Oswal||402.15||392.00||402.15 (28.04%)||Target met||Neutral|
It expects cost-cutting efforts to boost margins, with volume recovery and the Premium portfolio outperforming. 25.6%), weighed by a weaker product mix (lower export mix and Apache) and the impact of the BS6 cost inflation (as contribution margins are yet to be Furthermore, op. Interest cost increased due to additional borrowings in 1QFY21 to ensure The company expects demand recovery in 2HFY21, with TVSL performing better than the industry on account of its portfolio. Apache faced severe production-related challenges, which impacted the mix in Expect margins to improve in 2H, driven by cost cutting and focused market strategy. would be INR3b for FY21 and investment in TVS Credit would be We upgrade our FY20/FY21 EPS by 2%/5% to INR10.3/17.5 to reflect volume recovery. We expect TVSLs market share gains to slow as there are now only limited product gaps in its portfolio. We upgrade our FY20/FY21 EPS by 2%/5% to INR10.3/17.5 to reflect demand recovery.
|2020-07-30||TVS Motor Company Ltd. +||SPA Research||396.20||357.00||396.20 (29.96%)||-30.67||Hold|
operational performance, c) higher other income and d) exceptional gains of Rs760mn. 2HFY20 towards lower priced 2Ws, where TVS presence is minimal. Sales expectations from its most is expected to be better than 1HFY20 with reasonable growth in exports and presence of levers profitable segments (3W & exports) also remain blurry. This, along with frequent local level for margin improvement. However, we believe current valuations already discount most of the lockdowns is creating supply side issues. We believe, in FY21e, TVS would grow lower than the...
|2020-06-16||TVS Motor Company Ltd. +||Geojit BNP Paribas||368.95||369.00||368.95 (39.56%)||Target met||Hold|
Geojit BNP Paribas
TVS Motors (TVS) is the third largest two- wheeler manufacturer in India with a market share of 14.8% in FY20. Q4FY20 revenue de-grew by 21%YoY due to sluggish Industry demand and production lock down. Surprisingly, EBITDA margin came in line with our expectation, led...
|2020-06-02||TVS Motor Company Ltd. +||Chola Wealth Direct||355.55||328.00||355.55 (44.82%)||Target met||Sell|
Chola Wealth Direct
Background: TVS Motor 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.,...
|2020-06-01||TVS Motor Company Ltd. +||Axis Direct||352.00||310.00||352.00 (46.28%)||Target met||Sell|
|2020-05-30||TVS Motor Company Ltd. +||Arihant Capital||352.00||352.00||352.00 (46.28%)||-31.64||Hold|
TVS Motor (TVS) reported a 44.8% YoY decline in its standalone net profit to Rs739mn for the Q4FY20 due to a 30% fall in its quarterly total sales volume. The company had reported a profit Rs1338mn in Q4FY19. The company has reported a decline of 21% YoY in its standalone revenue from operations at Rs34,814mn for the Q4FY20 under review as compared to Rs43,840 mn in the Q4FY19. EBITDA stood at Rs 2449mn, down 20.5% YoY for Q4FY20 as compared to Rs 3081mn in the Q4FY19, EBITDA margin was flat at 7% in Q4FY20 on account of negative operating...
|2020-05-29||TVS Motor Company Ltd. +||East India Securities Ltd||335.90||320.00||335.90 (53.29%)||Target met||Hold|
East India Securities Ltd
is expected to be better than 1HFY20 with reasonable growth in exports and presence of levers and lower tax rate (-950bps YoY to 17.8%) offset the impact of exceptional costs. The near-term for margin improvement. However, we believe current valuations already discount most of the outlook is poor due to demand contraction and supply bottlenecks. We believe, in FY21e, TVS positives of the better product mix, growth at export front and margin improvement and hence would grow lower than the industry due to downtrading and competitive prices in the entry...
|2020-05-29||TVS Motor Company Ltd. +||IDBI Capital||335.90||330.00||335.90 (53.29%)||Target met||Accumulate|
TVS Motor (TVSL) Q4FY20 results were above our and consensus estimates at Revenue and PAT. Revenue was higher than our and consensus estimates an account of BSVI price hike. EBITDA margin for the quarter stood at 7.0% which was below our and above consensus estimates of 7.5% and 6.8% respectively mainly on account of higher RM cost. We expect 2W industry to see a double digit decline in FY21 driven primarily by adverse impact of the COVID-19 outbreak on economic growth and discretionary spending. The challenges for the 2W segment are likely to get aggravated as consumer spending will be severely impacted by the outbreak resulting in lower spending power both in urban and rural markets. We...
|2020-05-29||TVS Motor Company Ltd. +||Nirmal Bang Institutional||335.90||246.00||335.90 (53.29%)||Target met||Accumulate|
Nirmal Bang Institutional
TVS Motor Company (TVS) reported flat EBITDA margin YoY at 7.0%, above our estimate of 6.0%. Net sales declined by 20.6% YoY to Rs34.81bn due to ~30% YoY volume decline and 13.8% YoY Sector: Automobile improvement in average selling price (ASP) on account of BS-VI price increase. Adjusted PAT was down 35.6% YoY at Rs862mn, higher than our expected PAT of Rs599mn mainly due to better CMP: Rs332 operational performance and lower than expected tax rate. There was a Covid-19 related one-off expense of Rs323mn and Rs200mn interest on income tax refund shown as exceptional item. Stable Target Price: Rs246 margin was a result of better product mix and material related cost saving measures (~170bps YoY improvement in gross margin), which compensated negative operating leverage on lower volume. Downside: 26%...