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Published on 17/04/2018 1:16:42 PM | Source: Motilal Oswal Securities Ltd

Buy Eicher Motors Ltd For Target Rs.34,516.00 - Motilal Oswal

Posted in Broking Firm Views - Long Term Report| #Auto Sector #Eicher Motors Ltd #Broking Firm Views Report #Motilal Oswal

RE Mar-18 wholesales in line at 76.1k units

RE volume grew 26.6% YoY in Mar-18

* RE Mar-18 volume was in-line at 76,087 units; +26.6% YoY.

* RE exports at 1.9k units grew 20% YoY.

* RE volumes grew 23.1% in FY18 to ~820k.

* As per media reports, VECV volumes grew 30% to ~9245 units (v/s est 8,063 units).

* Domestic volumes for VECV grew ~24.5% to ~7,980 units (v/s est 7,011 units).

* Exports grew ~87% to ~1,265 units (v/s est ~1,053 units).

* Detailed volume break-up for VECV is awaited.

* The stock trades at 27.4x/21.5x FY19E/20E consol. EPS. Maintain Buy.

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