Buy Eicher Motors; target of Rs 3855: Sharekhan

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Sharekhan's research report on Eicher Motors

EBITDA margin came above estimate on account of higher-than-expected gross margin expansion. Management is optimistic on RE’s performance and is looking for double-digit growth in the CV industry in FY2024E. RE is expected to be the key beneficiary of the rising premiumisation trend in the domestic 2W market. The stock trades at a P/E multiple of 23.4x and EV/ EBIDTA multiple of 17.4x.

Outlook

We maintain our Buy rating on Eicher Motors Limited (EML) with a revised PT of Rs. 3,855, led by increasing premiumisation in the domestic market, expectation of healthy traction in exports, and rise in non-auto income.

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Eicher Motors - 12 -05 - 2023 - khan