Result Update

ASHOK LEYLAND LTD Q4FY19 RESULT UPDATE


As the industry continues to negotiate with multiple headwinds such as axle load norms and the weak sentiments, we believe, AL may find it challenging to pass on the increased costs led by BS VI We estimate revenue/EBITDA/PAT CAGR of 3%/4%/3% over FY19-21E. At CMP of Rs 90, stock is trading at 12.3x FY21E. We value the stock at 12x FY21E for a target price of Rs 88 and ascribe a HOLD rating.

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