Buy Hero Motocorp Ltd For Target Rs.3,000 - Motilal Oswal Financial Services
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Above our estimate; volumes flat YoY at 394.2k units
* HMCL’s volumes remained flat YoY at 394.2k units (est. 375k units).
* We estimate volumes to grow by 11% in FY23, implying a residual growth of 20%, or a run-rate of 474.7k units. ? With the upcoming marriage and festive season in many parts of the country and continuously improving consumer sentiment on account of favorable macro-economic indicators, the company expects a positive momentum to build up from the fourth quarter onward.
* HMCL trades at 19.7x/15.1x FY23E/FY24E EPS. Maintain BUY
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