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Investing.com - CLSA has upgraded TVS Motor Co Ltd (NSE:TVSL) from Hold to Outperform, while significantly raising its price target to INR3,992.00 from INR2,835.00.
The upgrade comes as CLSA revised its volume estimates upward by 6-10% for the Indian two-wheeler manufacturer, citing strong and consistent execution expected to continue.
The new target price is based on a discounted cash flow analysis, implying a multiple of 30x to the company’s FY28CL core earnings per share, which aligns with TVS Motor’s 10-year average 12-month forward price-to-earnings ratio.
CLSA believes TVS Motor is strategically targeting growing segments of the domestic two-wheeler market while maintaining strong pricing discipline, positioning it to benefit from increasing exports and rising market share in 125cc+ motorcycles and 125cc ICE scooters.
The research firm expects TVS Motor to continue gaining market share in FY26, supported by new product launches and continued strong execution in the two-wheeler segment.
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