Operating profit misses estimates;
Demand outlook remains strong Maruti Suzuki India Limited (MSIL), a subsidiary of Suzuki Motor Corporation, is India’s largest passenger car company, accounting for over 50% of the domestic car market.
Valuation: The company’s strong volume CAGR of 12% will drive Sales/PAT CAGR of 17%/19% over FY17-19E. Further, MSIL’s leadership position in the domestic automotive industry, strong product pipeline and a pan India distribution network, will help in sustaining premium valuations Hence, we recommend BUY rating on the stock with a target price (TP) of Rs. 8,580 based on target multiple of 25x FY19EPS.
Research Report MarutiSuzukiLtd1
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