Advisory Analyst Note

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AnalystDate	01 Aug 2019
BSECode	505200
BlogURL	NA
NoteDescription	View and Valuation EICHERMOT reported weak set of numbers with 160bps QoQ decline in EBITDA margins. The benefit from reduction in commodity prices my get marred by weaker operating leverage. The overall demand outlook continues to be benign at-least till the festive season. Due to increased competition in 150cc and above category the company has also lost 300bps market share in last 4 months. 650 twins have been accepted well in export markets and have waiting period of 3-4 months in the domestic market. The demand scenario on the CV side seems bleak as well which will lead to further reduction in overall profitability. Factoring the demand concerns and weaker operating leverage, we reduce our FY20 PAT estimates by 5%. We value EICHERMOT at 22x FY20e EPS and arrive at a target price of Rs.17517 and maintain NEUTRAL rating
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