ICICI Direct has given Buy recommendation for Maruti Suzuki with a target price of Rs. 10,000 in its research report issued on Jul 28, 2022

ICICI Direct’s research report on Maruti Suzuki

Maruti Suzuki (MSIL) is the market leader in the domestic passenger vehicle (PV) space with market share pegged at ~43.4% and popular models being Alto, WagonR, Swift, Brezza, Baleno, Ertiga, etc., among others. Market leader in each sub-segment – cars (63.6%), UV (19.5%), vans (95.7%) • Strong b/s; ~₹ 42,000 crore cash and investment on books as of FY22.

Outlook

Upgrading our estimates, we now value MSIL at Rs 10,000 i.e., 33x P/E on FY24E EPS of ₹333/share (previous target Rs 9,630).

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