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Motilal Oswal Report
Hero MotoCorp Ltd. posted a disappointing operating performance in Q1 FY25 mainly due to adverse mix and impact of higher spends on electric vehicles. Volume growth has been healthy so far in Q1 and the company is preparing itself for an anticipated strong festive season going ahead on the back of improving rural sentiment.
We cut our FY25E/FY26E earnings per share by 9% each to factor in weak operating performance in Q1. We expect a cmpound annual growth rate of ~12%/15%/16.5% in revenue/Ebitda/PAT over FY24-26E.
The stock currently trades at ~22 times/18 times FY25E/FY26E EPS. Reiterate our Buy rating on the stock with a target price of Rs 5,865 (19 times June-26E EPS plus Rs 174/Rs 198 for Hero FinCorp/Ather after 20% holding company discount).
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