• Upgrade to Buy from Sell; hike target price to Rs 245 from Rs 120
• CV Cycle close to trough; see recovery H2FY25 onwards
• Strong financial performance due to pricing discipline
• Valuation expansion during upcoming CV up-cycle
• Entire auto universe is trading at 25-30% premium 5900 to the historical mean valuation
• Expect Ashok Leyland to trade at a similar premium during the next upcycle of CVs
Comments
Post a Comment