External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only.  Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Ashok Leyland (ALL) is a pure-play CV manufacturer domestically, with FY21 market share at 16.3%.</li><li>FY21 product mix – LCV goods 48.3%, trucks 45.8%, buses 5.6%</li><li>We value ALL at revised SOTP based target price of | 175 (15x CV FY23-24E avg. EV/EBITDA, 3x P/BV for investments; earlier TP Rs 160)</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Ashok Leyland (ALL) is a pure-play CV manufacturer domestically, with FY21 market share at 16.3%.FY21 product mix – LCV goods 48.3%, trucks 45.8%, buses 5.6%We value ALL at revised SOTP based target price of | 175 (15x CV FY23-24E avg. EV/EBITDA, 3x P/BV for investments; earlier TP Rs 160)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ashok Leyland: Cyclical Recovery, High Double Digit Growth Lies Ahead