Phillip Capital Research

Y/E Mar, Rs mn	FY11	FY12	FY13	FY14E	FY15E
Price					2877
Target					3100
Reco					BUY
Net Sales	192,450	233,680	235,827	251,249	291,252
Growth (%)		21	1	7	16
EBIDTA	26,159	36,188	32,845	35,401	39,735
EBITDA Margin		15	14	14	14
Net Profit	20,077	23,781	21,940	23,475	27,120
Growth (%)		18	-8	7	16
EPS, Rs	101	119	110	118	136
PER, x	28.6	17.1	19.2	19.4	14.6
EV/EBIDTA, x	22	16	17	16	14
P/BV, x	19	13	11	10	9
ROE, %	68	55	44	42	41
Total debt/Equity (%)	-2.4	-1.8	-3.6	-2.1	-3.4

Latest Reports
Date	Description	Country	Analyst	Download

08-May-2024	Hero MotoCorp (HMCL IN) : 2W ICE margins improve further on premiumization play - BUY (Maintained)	India	Saksham Kaushal
11-Feb-2024	Hero MotoCorp (HMCL IN) : Margins to improve on better mix and EV cost reduction - BUY (Maintained)	India	Saksham Kaushal
02-Nov-2023	Hero MotoCorp (HMCL IN) : Poised for volume recovery as new launches ramp up - BUY (Maintained)	India	Saksham Kaushal
12-Aug-2023	Hero MotoCorp (HMCL IN) : Poised for volume recovery as new launches ramp up - BUY (Maintain)	India	Saksham Kaushal
05-Jul-2023	Hero MotoCorp (HMCL IN) : Harley Davidson 440X – a worthy challenger - BUY (Maintain)	India	Saksham Kaushal
12-Jun-2023	Hero MotoCorp (HMCL IN) : Focus more on revenue and margins, than volumes - BUY (Maintain)	India	Saksham Kaushal
07-May-2023	Hero MotoCorp (HMCL IN): Strong quarter, launch season ahead - BUY (Upgrade)	India	Saksham Kaushal
08-Feb-2023	Hero MotoCorp (HMCL IN) - Q3FY23 update - Investments in EV business a drag on margins - Maintain Neutral	India	Saksham Kaushal
06-Nov-2022	Hero MotoCorp (HMCL IN) - Q2FY23 update - Higher retails the only positive - Maintain Neutral	India	Saksham Kaushal
09-Oct-2022	Hero MotoCorp (HMCL IN) - Company update - EV chapter begins - Maintain Neutral	India	Saksham Kaushal
15-Aug-2022	Hero MotoCorp (HMCL IN) - Q1FY23 update - Weaker performance owing to adverse mix - Maintain Neutral	India	Saksham Kaushal
04-May-2022	Hero MotoCorp (HMCL IN) - Q4FY22 update - Commodity headwinds to persist - Maintain Neutral	India	Saksham Kaushal
13-Feb-2022	Hero MotoCorp (HMCL IN) - Q3FY22 update - Demand in core segment still weak - Maintain Neutral	India	Saksham Kaushal
14-Nov-2021	Hero MotoCorp (HMCL IN) - Q2FY22 update - Higher spare sales aid performance - Maintain Neutral	India	Saksham Kaushal
13-Aug-2021	Hero MotoCorp (HMCL IN) - Q1FY22 update - Demand outlook uncertain	India	Saksham Kaushal
09-May-2021	Hero MotoCorp (HMCL IN) - Q4FY21 update - Challenges in the near term persist - Maintain Neutral	India	Saksham Kaushal
05-Feb-2021	Hero MotoCorp (HMCL IN) - Q3FY21 update - All positives priced in - Downgrade to Neutral	India	Saksham Kaushal
29-Oct-2020	Hero MotoCorp (HMCL IN) - Q2FY21 Update - Strong momentum to continue - Maintain Buy	India	Saksham Kaushal
17-Aug-2020	Hero MotoCorp (HMCL IN) - Q1FY21 update - Getting better - Maintain BUY	India	Saksham Kaushal
10-Jun-2020	Hero MotoCorp (HMCL IN) - Q4FY20 Update - Cloudy with promise of sunshine - Maintain Buy	India	Saksham Kaushal
10-Feb-2020	Hero MotoCorp (HMCL IN) - Q3FY20 update - Decent performance but headwinds remain	India	Saksham Kaushal
23-Oct-2019	Hero MotoCorp (HMCL IN) Decent quarter; Inventory reduction key	India	Saksham Kaushal
30-Jul-2019	Hero MotoCorp-Bumpy road ahead	India	Saksham Kaushal
30-May-2019	Hero MotoCorp (HMCL IN): Consolidating its position	India	Saksham Kaushal
29-Apr-2019	Hero MotoCorp (NEUTRAL; TP: Rs2811) Bumpy road ahead	India	Saksham Kaushal