India | Automobiles

15 December 2015

Visit Note

Global Markets Research

Hero MotoCorp
Growth in transit

Rating: Buy

We met management of Hero MotoCorp (HMCL IN) recently to

assess the demand scenario and the companys future prospects.
Guidance for volume growth has been set at 0-1% for FY16. The
following are our key takeaways:

Target Price: INR 3,284

Upside: 29%
CMP: INR 2,536 (as on 14 December 2015)

Inventory situation under control at just four weeks

Management expects FY16 total volume growth at 0-1% vs our
estimate of 1.2%; (YTD FY16 volume contracted by 2.6%). The festival
season (Dusshera and Diwali) retail growth stood at 11% YoY, while it
is expected to remain flat YoY for December. 4QFY16 should see YoY
wholesale growth as 4QFY15 was affected due to unseasonal rainfall.
Inventory is under control at just four weeks (in line with our channel
checks). Around 80% of demand for Maestro Edge came from the top
VX variant while capacity initially was just budgeted for 60:40 in favor
of VX:LX variant. Capacity issues are currently being sorted.
Exports guidance stands at 225,000 for FY16
Exports to Nepal stand at ~5k per month and have been affected in
the past 1-2 months. Initial guidance of exports of 1mn units by FY1819 has been downgraded as Heros entry into the Brazil market has
been delayed by a year (Brazil initial volume expectations were 200300k pa). The company plans to invest in brand-building on the
African continent as it believes strong brands play a bigger role than
quality there. Hero currently does not have a presence in Nigeria &
South Africa. Duet dispatch is being done in December, but major
advertisements will start only in January. It will take 3-4 months for
complete dealer channel fillings of Duet pan-India. Scooter capacity
stands at 120,000 per month. Spare parts revenue for 3Q is expected
to be similar to 2Q. EBITDA margin should be around15% for 3Q.
Valuation reiterate Buy with a TP of INR 3,284

Key data*
Bloomberg /Reuters Code
Current /Dil. Shares O/S (mn)
Mkt Cap (INR bn/USD mn)
Daily Vol. (3M NSE Avg.)
Face Value (INR)
1 USD = INR 67.1
Note: *as on 14 December 2015; Source: Bloomberg

Price & Volume

3,400

15

2,900

10

2,400

1,900
Dec-14

Apr-15

0
Dec-15

Aug-15

Vol. in mn (RHS)

Hero Motocorp (LHS)

Source: Bloomberg

Shareholding (%)

Q3FY15 Q4FY15 Q1FY16 Q2FY16

Promoter

39.9

34.6

34.6

34.6

Institutional Investors

46.8

51.7

51.9

52.0

Other Investors

6.9

6.9

6.8

6.8

General Public

6.4

6.8

6.7

6.5

Source: BSE

Price performance (%)

Sensex

Our FY16 margin estimate is at 14.6% (1H at 15.5%). If 3Q margin is

closer to 15%, we could see some upgrade in our margin estimates.
We believe the strong festival season will enable the company to post
flat growth for FY16E. While December wholesale growth could be
flat YoY, owing to the strong festival season, Sep-Dec15 wholesale
growth would be ~3% YoY (vs contraction of 7% in April-Aug15
period), with ~1-2 weeks of inventory correction over Sep-Dec15. We
believe Hero is well placed to capitalize on recovery on strong
competitive positioning in motorcycles in the rural markets and new
model launches in scooters. We reiterate Buy with a TP of INR 3,284
based on 16x weighted average FY17-18E P/E.

HMCL IN/HROM.BO
200/200
506/7,547
340,443
2

Hero MotoCorp

3M

6M

12M

(2.7)

(4.8)

(8.0)

7.9

1.3

(18.9)

Bajaj Auto

4.3

5.6

(4.2)

TVS Motor

18.6

22.4

9.3

Source: Bloomberg

Key Financials
YE
March

Revenue
(INR mn)

YoY
(%)

EBITDA
(INR mn)

EBITDA
margin (%)

Adj PAT
(INR mn)

YoY
(%)

Fully DEPS
(INR)

RoE
(%)

RoCE
(%)

Adj P/E
(x)

EV/EBITDA
(x)

FY15

275,853

9.1

35,422

12.8

25,407

20.5

127.2

41.9

57.6

19.9

13.5

FY16E

284,814

3.2

41,598

14.6

30,443

19.8

152.4

41.5

57.0

16.6

11.2

FY17E

330,978

16.2

48,560

14.7

37,371

22.8

187.1

41.1

56.3

13.6

9.3

FY18E

379,349

14.6

57,143

15.1

43,848

17.3

219.6

38.9

53.6

11.5

7.6

Note: pricing as on 14 December 2015; Source: Company, Elara Securities Estimate

Jay Kale, CFA jay.kale@elaracapital.com +91 22 6164 8507

Elara Securities (India) Private Limited

Hero MotoCorp

Standalone Financials (YE March)

FY18E
379,349
57,143
9,000
66,143
5,679
60,464
150
60,314
16,466
43,848
43,848
FY18E
399
124,699
125,098
0
6,486
26,500
158,084
129,589
66,737
62,852
7,000
75,000
(7,400)
6,592
14,040
158,084
FY18E
52,724
4,064
56,788
(17,500)
39,288
(19,251)
(34,500)
3,037
FY18E

9.1
0.1
20.5
12.8
9.2

3.2
17.4
19.8
14.6
10.7

16.2
16.7
22.8
14.7
11.3

14.6
17.7
17.3
15.1
11.6

(0.4)
41.9
57.6

(0.5)
41.5
57.0

(0.5)
41.1
56.3

(0.6)
38.9
53.6

127.2
20.5
56.0
19.9
13.5
1.7
7.7
2.2

152.4
19.8
60.0
16.6
11.2
1.6
6.2
2.4

187.1
22.8
76.0
13.6
9.3
1.4
5.0
3.0

219.6
17.3
80.0
11.5
7.6
1.1
4.0
3.2

Revenue & margin growth trend

400,000
14.6
(INR mn)

FY17E
330,978
48,560
7,500
56,060
4,857
51,203
150
51,053
13,682
37,371
37,371
FY17E
399
100,102
100,501
0
3,290
19,000
122,791
112,089
61,058
51,032
7,000
58,000
(10,836)
3,555
14,040
122,791
FY17E
44,168
7,720
51,888
(16,500)
35,388
(18,289)
(32,500)
1,099
FY17E

16

15.1

14.7

15

300,000

14

12.8

200,000

13

100,000

12

11
FY15

FY16E

Net Revenues (LHS)

FY17E

FY18E

EBITDA Margin (RHS)

Source: Company, Elara Securities Estimate

Adjusted profit growth trend

50,000

24

22.8

40,000
(INR mn)

FY16E
284,814
41,598
4,400
45,998
4,144
41,853
150
41,703
11,260
30,443
30,443
FY16E
399
81,019
81,418
0
1,350
15,000
97,768
94,589
56,201
38,389
8,000
45,000
(7,116)
2,456
11,040
97,768
FY16E
36,673
5,524
42,196
(14,280)
27,916
(14,438)
(26,895)
864
FY16E

21

19.8

30,000

(%)

FY15
275,853
35,422
4,927
40,349
5,400
34,950
111
34,839
9,432
25,407
(1,550)
23,856
FY15
399
65,014
65,413
0
(735)
11,385
76,063
78,089
52,057
26,033
10,220
31,541
(6,368)
1,593
13,045
76,063
FY15
29,256
(10,762)
18,494
(10,679)
7,816
(13,476)
(4,601)
418
FY15

(%)

Income Statement (INR mn)

Net Revenues
EBITDA
Add:- Non operating Income
OPBIDTA
Less :- Depreciation & Amortization
EBIT
Less:- Interest Expenses
PBT
Less :- Taxes
Adjusted PAT
Add/Less: - Extra-ordinaries
Reported PAT
Balance Sheet (INR mn)
Share Capital
Reserves
Net worth
Borrowings
Deferred Tax (Net)
Other liabilities
Total Liabilities
Gross Block
Less:- Accumulated Depreciation
Net Block
Add:- Capital work in progress
Investments
Net Working Capital
Cash and Cash Equivalents
Other Assets
Total Assets
Cash Flow Statement (INR mn)
Cash profit adjusted for non cash items
Add/Less : Working Capital Changes
Operating Cash Flow
Less:- Capex
Free Cash Flow
Financing Cash Flow
Investing Cash Flow
Net change in Cash
Ratio Analysis
Income Statement Ratios (%)
Revenue Growth
EBITDA Growth
PAT Growth
EBITDA Margin
Net Margin
Return & Liquidity Ratios
Net Debt/Equity (x)
ROE (%)
ROCE (%)
Per Share data & Valuation Ratios
Diluted EPS (INR/Share)
EPS Growth (%)
DPS (INR/Share)
P/E Ratio (x)
EV/EBITDA (x)
EV/Sales (x)
Price/Book (x)
Dividend Yield (%)

20.5

20,000

17.3

18

10,000
0
FY15 FY16E
Reported PAT (LHS)

15
FY17E FY18E
PAT Growth (RHS)

Source: Company, Elara Securities Estimate

Return ratios
60
55

57.6

57.0

50

56.3

53.6

45
40
35

41.9

41.5

41.1

FY15

FY16E

FY17E

38.9

30
ROE (%)

FY18E

ROCE (%)

Source: Company, Elara Securities Estimate

Note: pricing as on 14 December 2015; Source: Company, Elara Securities Estimate

Elara Securities (India) Private Limited

Hero MotoCorp

Coverage History
3,600
AC
3,200
14
2,800

16

13
3

2,000

9
5

11

12

15

10

1,600

Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15

1,200

Not Covered

Date

Rating

Target Price

Closing Price

8-Sep-2011

Accumulate

INR2,444

INR2,171

20-Jan-2012

Accumulate

INR2,200

INR1,947

02-May-2012

Accumulate

INR2,424

INR2,245

19-Jul-2012

Accumulate

INR2,400

INR2,088

17-Sep-2012

Accumulate

INR2,156

INR1,916

23-Oct-2012

Accumulate

INR1,950

INR1,797

21-Dec-2012

Buy

INR2,300

INR1,900

24-Jul-2013

Buy

INR2,250

INR1,756

23-Oct-2013

Buy

INR2,540

INR2,085

10

30-Jan-2014

Buy

INR2,500

INR2,002

11

10-Apr-2014

Buy

INR2,612

INR2,207

12

29-May-2014

Buy

INR2,816

INR2,337

13

5-Aug-2014

Accumulate

INR2,790

INR2,586

14

13-Oct-2014

Buy

INR3,546

INR2,875

15

7-May-2015

Buy

INR2,875

INR2,355

16

4-Aug-2015

Buy

INR3,173

INR2,624

17

23-Sep-2015

Buy

INR3,244

INR2,401

18

21-Oct-2015

Buy

INR3,284

INR2,623

Covered

Automobiles

2,400

18
17

AC Analyst change

Guide to Research Rating

BUY

Absolute Return >+20%

ACCUMULATE

Absolute Return +5% to +20%

REDUCE

Absolute Return -5% to +5%

SELL

Absolute Return < -5%

Elara Securities (India) Private Limited

Elara Securities (India) Private Limited

Disclosures & Confidentiality for non U.S. Investors
The Note is based on our estimates and is being provided to you (herein referred to as the Recipient) only for information
purposes. The sole purpose of this Note is to provide preliminary information on the business activities of the company and
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Elara Securities (India) Private Limited offers research services primarily to institutional investors and their employees, directors,
fund managers, advisors who are registered or proposed to be registered.
4

Elara Securities (India) Private Limited

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Disclaimer for non U.S. Investors

The information contained in this note is of a general nature and is not intended to address the circumstances of any
particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no
guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future.
No one should act on such information without appropriate professional advice after a thorough examination of the
particular situation.

Global Markets Research

Elara Securities (India) Private Limited is maintaining arms-length relationship with its associate entities.

Elara Securities (India) Private Limited

Disclosures for U.S. Investors
The research analyst did not receive compensation from Hero MotoCorp Limited.
Elara Capital Inc.s affiliate did not manage an offering for Hero MotoCorp Limited.
Elara Capital Inc.s affiliate did not receive compensation from Hero MotoCorp Limited in the last 12 months.
Elara Capital Inc.s affiliate does not expect to receive compensation from Hero MotoCorp Limited in the next 3 months.

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