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ICICI Direct Report
Bajaj Auto Ltd. has switched its 48% stake in KTM AG with ~36.7% effective stake in its parent company i.e. Pierer Mobility AG; (listed entity with ~€1.9 billion market capitalisation) while retaining 1.5% residual stake in KTM AG.
In terms of capabilities; Bajaj Auto now has access to PMAG's E-bikes segment as well as design and concept development abilities.
In the electric two-wheeler space, both companies are engaged in joint product development in this space and is outside the purview of the said transaction.
The company will now accrue the portioned market capitalisation of PMAG in its sum of the parts valuation versus our methodology of valuing its investment in KTM AG.
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