Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
Research

| More

Motherson Sumi Systems - Company Update - Virtual Investor Conference - ICICI Direct

Posted On: 2020-11-23 06:27:41 (Time Zone: Arizona, USA)


We attended Motherson Sumi's (MSSL) virtual investor conference on November 20, 21, in which the company spoke at length about its next five-year plan (2020-25) Vision 2025. We came away with a deeper insight on MSSL's strategies for the future, each individual vertical and the company, as a whole. MSSL is a leading tier-1 auto ancillary with a presence in 41 countries around the globe through 270+ facilities, having consolidated group revenues of US$10 billion as of FY20. Its offerings include wiring harnesses, mirrors, bumpers, door panels, instrument panels & other polymer & engineering parts (25.3%, 19.4% 15.6%, 12%, 9%, ~18% of FY20 sales respectively). Germany, US, India, France and China (21.9%, 15.8%, 10.6%, 7.7% and 7.2% of FY20 sales, respectively) form the top five geographical markets while top five clients account for ~44% of FY20 sales (Daimler group at 13.9%, Audi at 12.5%, Volkswagen at 8.7%, Renault at 5.2% & BMW at 4.5%).

Valuation & Outlook

We introduce FY23E numbers and build ~5% sales & ~20% PAT CAGR over FY20-23E. We are enthused by (a) continued focus on higher content per car and (b) clear direction on importance of profitable growth. Our numbers do not factor in inorganic growth and await sustained upturn in greenfield performance before turning decisively positive. Valuing the stock at Rs. 150 i.e. 26x P/E on average of FY22E-23E EPS of Rs. 5.7, we maintain HOLD.

For details, click on the link below: https://www.icicidirect.com/mailimages/IDirect_MothersonSumi_CoUpdate_Nov20.pdf

Shares of MOTHERSON SUMI SYSTEMS LTD. was last trading in BSE at Rs.146.75 as compared to the previous close of Rs. 139.55. The total number of shares traded during the day was 1553190 in over 16715 trades.

The stock hit an intraday high of Rs. 148.25 and intraday low of 140.95. The net turnover during the day was Rs. 225241719.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com


Disclaimer:The article above is a gist / extract of the original report prepared by the research firm / brokerage firm. This article is not to be considered as an offer to sell or a solicitation to buy any securities. This article is meant for general information only. www.equitybulls.com, its employees or owners or the research firms, its employees or owners won't be responsible for any liability that may arise from information, errors or omissions in these articles. www.equitybulls.com or its employees or owners / the research firms or its employees or clients or owners may from time to time hold positions in securities referred in this article. For detailed research reports, please contact the concerned research firm directly.





Other Headlines:

Maintain ADD on Mindtree - Into another operating orbit - HDFC Securities

NBFCs Q3FY21 Results Preview - Micro headwinds > Macro tailwinds - HDFC Securities

Mindtree - Margin beat and raise cycle seems to be over! - ICICI Securities

Shoppers Stop - Focusing on omni-channel growth - ICICI Securities

Piramal Enterprises - Strategic synergies, optional value to follow DHFL's buyout - ICICI Securities

Motherson Sumi Systems - Focus remains on growth and cost efficiency - ICICI Securities

Metropolis Healthcare - Acquires Hitech Diagnostics in South India - ICICI Securities

Nifty PE shifting orbits - ICICI Direct

Rallis India Ltd - Q3FY21 First Cut - ICICI Direct

Q3FY21 Company update - GTPL Hathway - ICICI Direct

Q3FY21 Result update - HDFC Bank - ICICI Direct

Q3FY21 Result Update - PVR Ltd - ICICI Direct

Q3FY21 Result update - HCL Technologies - ICICI Direct

Maintain BUY on HCL Technologies - Mode-2, 3 driven momentum - HDFC Securities

HDFC Bank Q3FY21 Results - Concall Highlights and Views of YES SECURITIES

HDFC Bank Q3 FY21 - 'Stellar Show' - Retain BUY and raise 12m PT to Rs1870 - YES Securities

IPO Review - Indian Railway Finance Corporation (IRFC) - ICICI Direct

HCL Technologies - Q3FY21 First Cut - ICICI Direct

Logistics Sector Update - Indian Railways - getting aggressive - HDFC Securities

Indigo Paints - IPO view - YES SECURITIES

Infosys - Near-term margins will likely come under pressure - ICICI Securities

CESC - 7% dividend yield + higher ESG rating - ICICI Securities

South Indian Bank - Unveils vision 2024; targets RoA / RoE of 1% / 13% by 2024 - ICICI Securities

Maintain BUY on Infosys - Growth certainty on explosive deal wins - HDFC Securities

Maintain ADD on Wipro - Growth acceleration - HDFC Securities

Consumer Durables - Q3FY21 Results Preview - HDFC Securities

Q3FY21 Company Update - Filatex India - ICICI Direct

Q3FY21 Result Update - Wipro Ltd - ICICI Direct

Q3FY21 Result Update - CESC - ICICI Direct

Monthly Inflation - December 2020 - ICICI Direct

Q3FY21 Result Update - Infosys - ICICI Direct

Banks Q3FY21 Results Preview - Scope for optimism beyond a tepid 3Q - HDFC Securities

Consumer Discretionary Companies - Q3FY21 Results Preview Report - HDFC Securities

Pharma Sector Update - Ample catalysts to sustain luster - HDFC Securities

Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research on IIP data

Infosys - Q3FY21 First Cut - ICICI Direct

Wipro - Q3FY21 First Cut - ICICI Direct

HDFC Securities - Real Estate Q3FY21 Results Preview - Has COVID triggered a new cycle?

Industrials Q3FY21 Results Preview - Normalisation done, growth awaited - HDFC Securities

FMCG & Alco Bev - Q3FY21 Results Preview - HDFC Securities

Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research on December 2020 CPI Data

Cement & Building Materials (Tiles) - Results Preview - Robust Performance on Improved Volume - Reliance Securities

Automobile & Auto Ancillary - Results Preview - Strong Results on Healthy Volume Performance in 3QFY21 - Reliance Securities

Q3FY21 Result Update - Tata Consultancy Services - ICICI Direct

Q3FY21 Result Preview - Real Estate & Infrastructure - ICICI Direct

Q3FY21 Result Update - Avenue Supermarts - ICICI Direct

Q3FY21 Result Preview - Metals & Mining - ICICI Direct

Insurance and Capital Markets Companies Q3FY21 Results Preview - Stronger earnings expected across sectors - HDFC Securities

Capri Global Capital - Getting back to normalcy - ICICI Securities

Avenue Supermarts - Fast recovery; there are speed breakers though - ICICI Securities



Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2020