A like-for-like valuation of Bajaj Auto (BAJAJ-AUTO) and TVS Motor Company (TVSMOTOR), each built from its own filed accounts and set side by side — price against estimated worth, on the same measures.
Bajaj Auto and TVS Motor Company screen at similar value right now.
Bajaj Auto trades 35% below our estimate of fair value, and TVS Motor Company 36% below our estimate of fair value. The two are close enough that neither stands out as the cheaper of the pair on price against estimated worth alone.
Every figure below is drawn from each company's own filed statements. Estimated fair value is the per-share figure our engine will stand behind; where a business needs a model that does not reduce to one number, it is shown as “—”.
| Bajaj AutoBAJAJ-AUTO | TVS Motor CompanyTVSMOTOR | |
|---|---|---|
| Current price | ₹11,593 | ₹4,033 |
| Market cap | ₹3.24L Cr | ₹1.92L Cr |
| Estimated fair value | ₹15,604 | ₹5,495 |
| Upside to fair value | +35% | +36% |
| P/E | 27.6 | 55.9 |
| P/B | 8.34 | 20.03 |
| Return on equity | —% | —% |
| Debt to equity | 0.07 | 0.17 |
| Valued on | Discounted cash flow | Discounted cash flow |
The two-wheeler comparison, at different export exposure.
Worked backwards from today's share price: the rate each company must sustain to justify what it costs, against what its own ten-year record supports.
Same method, same filed accounts — each of these works both companies through to a fair value.
Bajaj Auto trades 35% below our estimate of fair value, and TVS Motor Company 36% below our estimate of fair value. The two are close enough that neither stands out as the cheaper of the pair on price against estimated worth alone.
Each company is valued from its own filed financial statements — ten years of results — using the method that fits that business, then set beside the other on price, valuation multiples, return on equity and what today's share price already assumes. It is a like-for-like comparison of the workings, not investment advice.