Analyst Research Report Snapshot

Title:

Greaves Cotton Ltd. | Q4FY13 Result Update

Price:

$35.00

Provider:

IndiaNivesh Securities Pvt Ltd

Date:

02 May 2013

Pages:

4

Type:

AcrobatPDF

Companies referenced:

GRVL.NS

Available for Immediate Download
Summary:

Greaves Cotton Ltd. We maintain our positive bias towards the stock, after taking in to a/c following factors, (1) strong market positioning enjoyed by the company domestically, (2) company’s initiative to enter new markets, launch new products, (3) widen the dealership network, (4) attractive RoEs of 19.3% (for both, FY14E and FY15E). At CMP of Rs 72, Greaves Cotton is trading at FY14E and FY15E, P/E multiple of 11.1x and 9.9x, respectively. After rolling out our FY15E EPS of Rs 7.2, and on assigning 13.0x forward multiple, we arrive at FY15E based price target of Rs 94. Given 30.4% upside potential to our target price, the stock is currently trading at, attractive levels and hence, we maintain BUY rating.

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