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Deven Choksey Research Report
Cyient DLM - Strong order pipeline and order book to drive earnings growth
Current market price: Rs 633 / target Rs 842/ Potential Upside 33.0%
We expect a revenue/ Ebitda/profit after tax compound annual growth rate of 30.3%/ 46.5%/ 56.5% respectively, over FY24 to FY26E. We maintain our FY26E P/E multiple of 45.0 times on FY26E EPS of Rs 18.9 to arrive at a target price of Rs 842/ share.
This implies a left-over upside of 33.0% from the current market price. We have a Buy rating on the shares of Cyient DLM Ltd. since Oct 22, 2024
Lupin - India business and US business to drive growth
CMP: Rs 2,188/ target price Rs 2,443 / Potential Upside: 11.7%
We expect the revenue to grow at 11.6% CAGR and PAT to grow at 37.5% CAGR over FY24-FY26E. Currently, the stock is trading PE multiples of 35.5x/29.7x based on FY25E/FY26E EPS, respectively.
We assign an PE multiple of 31.0x on FY26E EPS of Rs 78.8 to arrive at a target price of Rs 2,443/share. This implies the left-over upside of 11.7% from the CMP. We have a Buy rating on the stock since August 08, 2024.
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