Ashok Leyland and Tata Motors - Buy or Sell? Kotak has this recommendation
Kotak Institutional Equities maintain BUY rating on Ashok Leyland with revised FV of Rs 115 (from Rs95 earlier). Kotak has increased their FY2022-23E standalone EPS estimates by 5-9% led by 8-12% increase in their volume assumptions, offset by 30 bps cut in EBITDA margin assumptions due to RM pressures. Based on 16X December 2022E EPS (from 16X September 2022E EPS earlier) + Rs13/share value of Ashok Leyland’s stake in Hinduja Leyland Finance.
Kotak Institutional Equity has increased Fair Value for Ashok Leyland, Tata Motors due to improving CV industry fundamentals: Reuters