Analyst Research Report Snapshot


Greaves Cotton Ltd. | Q4FY13 Result Update




IndiaNivesh Securities Pvt Ltd


02 May 2013





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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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