Our fair value for the stock is Rs 498 (16x Sept -19E EPS). We recently interacted with the management of JBM Auto Ltd (JBMA). The company is into the manufacturing of sheet metal (body-in-white and chassis) tools and dies. JBMA serves key segments including 4Ws (75% of revenue), CVs (10%), 2Ws (7%) and Tractors (8%). The company will to benefit from the robust growth in the PV segment, and also from the growth of its key customers like Ford, Renault, VECV, HCIL, TAFE, RE and HMSI. This, coupled with a rise in capacity utilisation at its plants (Indore, Pathredi, Sanand), should drive the companys revenues and earnings. Also, a ramp up in the Bus business will aid growth in the bottom-line.