Eichermotors Rating
CREDIT SUISSE ON EICHER MOTORS : 31.05.2021
* Maintain Outperform, Target at Rs 3,230/share
* Strong new model cycle and possible further strength in exports
* Eicher is driven by expectation of a volume growth ramp up
* See a potential for a further pick up in exports; Find valuations attractive vis-à-vis growth with FY23 P/E
JEFFERIES ON EICHER MOTORS : 28.05.2021
* MAINTAIN BUY TARGET: 3,250
* Jefferies maintains Buy rating on Eicher Motors, but reduces FY22/FY23 EPS estimates by 13%/3%
• Co Expects All-round Sales Growth In FY22
* Positive Op Leverage & Growth Rebound Should Help Margin
* Specialty Ramp-up, Strong B/S & Halol Remediation Key Drivers
CLSA ON EICHER MOTORS : 28.05.2021
* MAINTAIN UNDERPERFORM : , TARGET: 2,600
* CLSA has an Underperform call on Eicher, but raises FY22-23 EPS forecasts by 2%
* Outperformed Peers On Volumes In 4Q After 2 Yrs
* Outperformance May Continue In FY22
* Valuation Premium Leaves Little Upside Potential
* Raise FY22-23 EPS Forecasts By 2%
MORGAN STANLEY ON EICHER MOTORS : 28.05.2021
* Maintain Overweight, Target at Rs 3198/share
* Q4 adjusted EBITDA of was a tad higher than estimate
* Company guided for a year of its most new model launches ever
* Order book remains strong, and further potential benefits of digitization
MS ON EICHER MOTORS : 28.05.2021
* MAINTAIN OVERWEIGHT TARGET: 3,198
*MS has an Overweight call on Eicher Motors due to potential benefits of digitisation & value engineering
* Adjusted EBITDA Of *670 Cr A Tad Higher Than Our Estimate
* Orderbook Remains Strong
• Potential Benefits Of Digitisation & Value Engineering Keep Us OW
