To make good money earnings has to increase with it if growth comes back then there will be pe expansion, since for the last 5 years there was no growth valuations are undemanding at 20 pe, Ather has production capacity of 420000 vehicles which they are planning to build a new factory outside TN so demand seems to be not a problem considering their capex plans, also they have stopped freebies, free charging at ather grid and paid connection plans to connect phone with scooter so they are although not making a profit due to growth, their margins should be high considering their premium positioning, also hero is available at around USD8bn I am considering Ather atleast at 1bn USD value and their stake in it is around 34% considering the compulsary convertible preference shares issued to hero their stake could be around 50% at 500mn USD atleast.
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