Sharekhan's research report on Hero MotoCorp
HMCL targets to launch its EV products in over 100 cities in CY23.. After reporting a 140-bps q-o-q expansion in EBITDA margin in Q4FY23, HMCL continues to aspire for 14%-16% EBITDA margins. With a 4% dividend yield, the stock trades at a P/E multiple of 13.1x and EV/EBITDA multiple of 7.3x its FY25 estimates.
Outlook
We maintain a Buy on Hero MotoCorp (HMCL) with an unchanged target price of Rs 3,006 on factoring a 15.4% earning CAGR, its aggressive plans for EV segment, new product launches and a healthy dividend pay-out.
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