Bajaj Auto Ltd. share price target

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We maintain our BUY rating on the stock keeping our TP of Rs 4,250 unchanged (which includes Rs 200/share for the company's stake in KTM) as we value the stock at 17x its FY23E EPS.

EBITDA was at Rs 1,153 crore in Q1 FY22 as against Rs 441 crore in Q1 FY21 and Rs 1,558 crore in Q4 FY21. EBITDA margin was at 15.6% as on 30 June 2021 compared with 14.3 as on 30 June 2020. EBITDA margin was at 18.1% as on 31 March 2021. Bajaj Auto said that the decline in EBITDA margin was due lower revenue from operations which resulted in loss on spread of fixed costs by approximately 160 bps and increase in cost of raw-material, net of increase in prices, resulted in lower EBITDA margin by approximately 220 bps. Higher raw material costs were,...

BJAUT's Q1 revenue declined 14% QoQ on lower volumes (-14%) and flat ASP. High RM cost further pulled down profitability

While its share in the domestic Motorcycle market declined marginally (50bp to 18%), led by market share loss of 770bp in the Sports segment due to cannibalization by Pulsar 125cc. It expects to further strengthen its position in the Premium segment, with...

BJAUT's FY21 annual report highlights its resilient performance in a year impacted by the COVID-19 outbreak, led by continuous premiumization and focus on R&D.; Its focus on exports and on Premium Motorcycles helped it to outperform the 2W...

Bajaj Auto Ltd.s quarterly profit rose 15% to Rs 1551 crore, in line with estimates. Bajaj Auto reported a 15 per cent rise in consolidated net profit to Rs 1,551 crore for the fourth quarter ended March 2021 on the back of robust sales across domestic and international markets. The Pune-based company had posted a net profit of Rs 1,354 crore in the JanuaryMarch quarter of 2019-20. Total revenue from operations rose 26 per cent to Rs 8,596 crore in the fourth quarter, from Rs...

Bajaj Auto is the world's sixth-largest manufacturer of motorcycles and the second-largest in India. It is also the world's largest three-wheeler manufacturer. The company is based in Pune, Mumbai with plants in Chakan (Pune), Waluj (near Aurangabad) and Pantnagar in Uttarakhand. Bajaj Auto...

We upgrade our rating from Hold to BUY with revised TP of Rs. 4,250 (Rs. 4,150 earlier) (which includes Rs 170/share for company's stake in KTM) as we value the stock at 17x its FY23E EPS.

Bajaj Auto (BJAUT) Q4FY21 result was above our and consensus estimates at revenue and lower at EBITDA level due to higher operating cost. We expect domestic 2W/3W industry to see a double digit growth for FY22 on a low base despite 2nd wave of covid; as vaccination drive will help in bringing normalcy. We anticipate stronger recovery in export market for 2W/3W segment would help TVSL to partially mitigate any slowdown in domestic market in near term. We build our volume growth estimates for FY22/FY23 by 20%/12% respectively factoring the strong recovery in 2W/3W domestic and export market. We change our rating to HOLD (earlier REDUCE) and arrive at a TP of Rs3,730...