Nirmal Bang

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

A Relationship Beyond Broking

External broker reports(aggregated public sources), Nirmal Bang

External broker reports(aggregated public sources)

Equity Bottom-Up

<div><div><div><div><ul><li>Operationally in-line results: Hero Moto reported revenue of Rs74.2bn, which was in line with our estimate. ASP stood at Rs62.4k/vehicle.</li></ul><div><div><div><div><ul><li>Attractive valuation amid 2W recovery and EV opportunity: We value Hero Moto at 15x FY24E EPS and assign Hero Fincorp/Ather Rs96/Rs200 per share value to arrive at a TP of Rs3,161.</li></ul><div><div><div><div><ul><li>We are baking in EPS AGR of 26% over FY22-24E, led by 14% CAGR growth in volume and 150bps margin expansion.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><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></p>

Operationally in-line results: Hero Moto reported revenue of Rs74.2bn, which was in line with our estimate. ASP stood at Rs62.4k/vehicle.Attractive valuation amid 2W recovery and EV opportunity: We value Hero Moto at 15x FY24E EPS and assign Hero Fincorp/Ather Rs96/Rs200 per share value to arrive at a TP of Rs3,161.We are baking in EPS AGR of 26% over FY22-24E, led by 14% CAGR growth in volume and 150bps margin expansion.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.

Hero MotoCorp - Attractive Valuation, 2W Upcycle & EV Transition to Drive Rerating

Hero Motocorp

Hero MotoCorp - Attractive Valuation, 2W Upcycle & EV Transition to Drive Rerating