JLR’s wholesale volumes grew 3.8% YoY and 1.5% MoM in December 2017 to55,066 units (including China JV’s 10,269 units). Jaguar volumes grew 6% YoY to16,826 units against our estimate of 12,000 units due to lower XE sales. LandRover (LR) volumes increased 2.8% YoY to 38,240 units against our estimate of54,750 units, led by ramp-up of all-new Discovery and RR Velar.
For 3QFY18, JLR wholesales grew 4.5% YoY to 159,067 units, led by 12.4% YoYgrowth in Land Rover sales while Jaguar sales fell 12.5% YoY to 42.4k units.
The stock trades at 7.2x/6.6x FY19E/FY20E consolidated EPS. MaintainBuywith a target price of INR593 (December 2019E SOTP-based) for ordinary shares and INR414 for DVR (~30% discount to TP for ordinary shares)
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Motilal Oswal was founded in 1987 as a small sub-broking unit, with just two people running the show. Today it has a 2000 member team with a networth of Rs7 bn and market capitalization as of March 31, 2008 at Rs19 bn.
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