Ashok Leyland Share Price - 38% upside: Buy, says Sharekhan, reveals reason why
Ashok Leyland is a pure play on upturn in the commercial vehicle (CV) cycle. Sharekhan believes the CV industry is poised for upturn in the market because of faster than expected recovery in economic activities. There has been a continuous uptick in economic activities after the government announced unlock measures. There has been substantial improvement in infrastructure, road construction, and mining activities.
The Ashok Leyland stock is attractively priced at EV/EBITDA of 7.9x and P/E of 14.9x its FY2023E estimates: Reuters