Eicher Motors Ltd. share price target

Availability of semiconductors is expected to improve in future with receding effect of pandemic and vaccination in full swing. Robust order book, sustained export demand and aggressive network expansion will drive the next phase of growth. CV industry is on a road to recovery with growth across sectors. However, we are cautious on the time to recovery and hence we downgrade our rating on the stock to HOLD with a revised target price of Rs. 2,190 based on SOTP valuation. Improved realization due to price hikes and higher exports...

crore as of 30 September 2021 from Rs 559.64 crore as of 30 September 2020. Sundry debtors were higher at Rs 190.54 crore as of 30 September 2021 compared to Rs 110.17 crore as of 30 September 2020. Cash and bank balance declined from Rs 5,632.29 crore as of 30 September...

We revise our rating from SELL to HOLD and upgrade our TP to Rs 2,850 (Rs 2,300 earlier), resulting in an upside of 7% from current levels.

EIM's beat in performance was driven by growth in RE realization and lower staff cost. With supply chain issues showing some signs of improvement, it expects volume performance to be better in 2HFY22. Export focus and revenue from accessories are helping RE improve its realization. We cut our FY22E consolidated EPS by 5% to account for lower volumes in FY22E, while maintaining our FY23E earnings estimates. We maintain our Buy rating with a TP of INR3,250/share (Mar'23E SoTP). Price hikes, higher exports, better model mix drives standalone realization...

Cost inflationary pressures were offset via price hikes. We expect rising exports and new product launches to act as the key catalysts for the stock price appreciation. Additionally, commercial vehicles and buses volumes are also expected to grow rapidly on the back of govt. policy incentivizing the scrappage of old commercial vehicles. With positive outlook, we...

Eicher Motors posted a consolidated net profit of Rs 237 crore in Q1 FY22 compared with net loss of Rs 55.18 crore in Q1 FY21, above estimates For the quarter ended 30 June 2021, Eicher Motors' total revenue from operations was recorded at Rs 1,974 crore, up 141% compared with Rs 818 crore in the corresponding quarter of FY 2020-21. EBITDA was at Rs 363 crore compared with Rs 4 crore in the same quarter of the...

What should investors do? EML's stock price has grown at ~5% CAGR from We expect 15% FY21-23E RE volume CAGR aided by low base, abating of supply constraints, pent up demand, undiminished brand pull, network...

Semi conductor shortage is a cause of concern and is expected to impact volumes and model launches, going ahead. We cut FY22/23 consol EPS by 3.9%/3.3% as we cut RE volumes by 2.3%/3.2% & VECV volumes by 1.5%/1.5% to adjust for lower 1Q volumes and downgrade the stock to HOLD'. EIM's 1QFY22 S/A revenue declined 35% QoQ to Rs19.1b...

Q1 revenue declined 35% QoQ on weak volumes (-40%). Lower operating efficiency further pulled down profitability

Royal Enfield's (RE) Q4FY21 consolidated revenue was broadly in-line with our and consensus estimates whereas EBITDA was below our and consensus estimates on account of higher Raw material cost and other operating expenses. The falling covid cases and pickup in vaccination drive will help in normalizing the economic activity. We expect domestic 2W industry to see a double digit growth for FY22/FY23 on a low base. We build our volume growth estimates for FY22/FY23 to +18%/+15% factoring the strong recovery in 2W domestic market. We expect revenue/EBITDA/ earnings to grow at 14%/16%/17% respectively CAGR over FY20-FY23E with EBITDA margin of ~24.9% on...