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TVS Srichakra Research Report - 16th Dec 2015

Auto Ancillary | Published on Sep 21st 2011


TVS Srichakra Ltd. (TVSSL), a part of TVS Group, is a leading manufacturer of two and three-wheeler tyres with a 25% market share. Two-wheeler demand growth (~16% yoy YTD) continues to be insulated from the current slowdown in the automobile sector. Given this growth and increased installed capacity of automotive tyres by 170% to 3.3cr units over FY2009-11, TVSSLs volume is expected to grow at a CAGR of 11% over FY2011-13E. Also, the promoters have increased their stake in the company from 39.5% in June 2007 to 44.4% in June 2011, demonstrating their confidence in the companys future growth outlook. We recommend Buy on TVSSL with a target price of Rs468, based on a target PE of 5x for FY2013E.

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CMP 355
Target Price 468
Investment Period12 Months

Stock Info

MCAP BSE (Rs in Cr)2,377.86
MCAP NSE (Rs in Cr)2,374.71
P/E (x)13.62
EPS (Rs.)227.99
BV (Rs.)672.04
Div Yield (%)1.93
FV (Rs.)10.00
P/BV (x)4.62
EV/Sales (x)1.10
EV/EBITDA (x)8.18

Shareholding Pattern (%)

Public & Others42.0
Grand Total100.0

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