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ICICI Securities has add call on with a target price of Rs 3102. The current market price of Eicher Motors Ltd. is Rs 2847. Time period given by analyst is year when Eicher Motors Ltd. price can reach defined target. .
Eicher Motors Ltd., incorporated in the year 1982, is a Large Cap company (having a market cap of Rs 77090.51 Crore) operating in Auto sector.
Eicher Motors Ltd. key Products/Revenue Segments include Automobile - 2 Wheelers, Spare Parts & Components, Traded Goods, Other Services, Export Incentives, Scrap and Other Operating Revenue for the year ending 31-Mar-2021.
Financials
For the quarter ended 30-09-2021, the company reported a Consolidated Total Income of Rs 2358.20 Crore, up 12.49 % from last quarter Total Income of Rs 2096.32 Crore and up 5.58 % from last year same quarter Total Income of Rs 2233.58 Crore. Company reported net profit after tax of Rs 363.38 Crore in latest quarter.
Investment Rationale
Though the brokerage expects earnings to almost double in FY22E-FY24E (almost back at FY17 levels), the brokerage assigns ADD with sub-15% upside from present levels. The target price of Rs3,102 implies core FY24E P/E of ~24x based on our DCF. The brokerage is building-in FY23E-FY29E volume / EBITDA / earnings CAGR of 9% / 14% / 13% respectively, with mean RoE of ~19%.
Promoter/FII Holdings
Promoters held 49.22 per cent stake in the company as of 30-Sep-2021, while FIIs owned 30.28 per cent, DIIs 8.65 per cent.
Eicher Motors Ltd., incorporated in the year 1982, is a Large Cap company (having a market cap of Rs 77090.51 Crore) operating in Auto sector.
Eicher Motors Ltd. key Products/Revenue Segments include Automobile - 2 Wheelers, Spare Parts & Components, Traded Goods, Other Services, Export Incentives, Scrap and Other Operating Revenue for the year ending 31-Mar-2021.
Financials
For the quarter ended 30-09-2021, the company reported a Consolidated Total Income of Rs 2358.20 Crore, up 12.49 % from last quarter Total Income of Rs 2096.32 Crore and up 5.58 % from last year same quarter Total Income of Rs 2233.58 Crore. Company reported net profit after tax of Rs 363.38 Crore in latest quarter.
Investment Rationale
Though the brokerage expects earnings to almost double in FY22E-FY24E (almost back at FY17 levels), the brokerage assigns ADD with sub-15% upside from present levels. The target price of Rs3,102 implies core FY24E P/E of ~24x based on our DCF. The brokerage is building-in FY23E-FY29E volume / EBITDA / earnings CAGR of 9% / 14% / 13% respectively, with mean RoE of ~19%.
Promoter/FII Holdings
Promoters held 49.22 per cent stake in the company as of 30-Sep-2021, while FIIs owned 30.28 per cent, DIIs 8.65 per cent.
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