VN Research & Consulting
 Like us on facebook  Follow us on twitter  Follow us on LinkedIn  IndiaNotes on Google Plus  IndiaNotes on Pinterest  IndiaNotes on Stumbleupon  Subscribe to our feeds


Stocks  A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Go
Feedback
You are here : IndiaNotes >> Research & Analysis >> Companies >> TVS Motor Company Ltd. >> Research

TVS Motor Company: First BMW partnership product launched; Neutral

Motilal Oswal | 07 Dec, 2017  | Follow Author | Add to my Favourites 
  • Rate this article
    (Average Rating 0.0 Based on 0 ratings)


Valuation view:

We have been positive on TVSL since our coverage initiation in Nov’13. We also like continued improvement in its competitive positioning and
financial performance. Our EPS estimates are one of the highest on the street (~18/~29% higher than Bloomberg consensus for FY19/20). However, valuations at 28.4x/21.1x FY19E/FY20E EPS already reflect large part of the earnings drivers, leaving no margin of safety for execution risk. Our TP is INR764 (~20x Mar-20E EPS + INR67/share for value in NBFC investment post 20% HoldCo discount)

Link to the PDF

logo
BSE
750.30 +5.05
(0.68%)
NSE
749.15 +0.00
(0.00%)
Read More
About Motilal Oswal

Motilal Oswal was founded in 1987 as a small sub-broking unit, with just two people running the show. Today it has a 2000 member team with a networth of Rs7 bn and market capitalization as of March 31, 2008 at Rs19 bn.

 

For more information please write in to [email protected]

Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.




Technical Calls

What are technical calls?

Other Articles


Have a question?