SQS India BFSI Ltd
Information Technology-Software & Services
Valuation and Outlook:
At CMP of Rs. 540, I assign P/Ex multiple of 19.0x to FY19E EPS on the back of benefit from SQS brand leverage, demand environment in BFSI, strong business presence in Europe, I continue to maintain my ‘BUY’ recommendation for a revised target of Rs. 631.
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Eicher Motors Ltd
Industrials - Transportation Equipment - Commercial Vehicles
Valuation and Outlook:
I expect Royal Enfield sales to grow at 15.5% CAGR during FY17-19E driven by domestic dealership expansion and export growth as the company has indicated about adding ~100 dealers every financial year. Also, capacity expansion to 8,25,000 by August 2017 will help maintain the demand-supply balance.
Information Technology-Software & Services
Valuation and Outlook:
At CMP of Rs. 540, I assign P/Ex multiple of 19.0x to FY19E EPS on the back of benefit from SQS brand leverage, demand environment in BFSI, strong business presence in Europe, I continue to maintain my ‘BUY’ recommendation for a revised target of Rs. 631.
========================================================================
Eicher Motors Ltd
Industrials - Transportation Equipment - Commercial Vehicles
Valuation and Outlook:
I expect Royal Enfield sales to grow at 15.5% CAGR during FY17-19E driven by domestic dealership expansion and export growth as the company has indicated about adding ~100 dealers every financial year. Also, capacity expansion to 8,25,000 by August 2017 will help maintain the demand-supply balance.
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