The 3 reports from 2 analysts offering long term price targets
for Timken India Ltd. have an average target of 820.00. The consensus estimate
represents a downside of -23.77%
from the last price of 1075.65.
Timken India Ltd (TIL) reported its Q1FY17 numbers that were lower than our estimates on the topline front. This was primarily due to a decline in export revenues • Revenues came in at | 282.2 crore, up 6.3% YoY but below our expectation of | 312.7 crore. Export revenues declined 1% YoY. Domestic revenues also grew slower-than-expected. The same grew 14% YoY against our expectation of 17% YoY • EBITDA margins for Q1FY17 improved 50 bps YoY to 17.4% vs. 16.9% in Q1FY16 due to an improvement in gross margins. Gross margins for the quarter jumped to 42.3% vs. 40.6% in Q1FY16 • PAT increased 21.5% YoY to | 28.4 crore (our estimate | 29.1 crore for the quarter).
Valuation : Timken has traded at a premium valuation given its leadership position in the segment, strong parentage and healthy balance sheet. Given the anticipated growth opportunity in majority its segments like railways, CVs, off-highway vehicles, repairs & services and exports, we the company will continue to command its premium valuations. Accordingly, we value the company at 31x FY18E EPS of | 19.8 to arrive at a target price of | 614. We retain our BUY recommendation on the company.
Stable Margins, But Slightly Lower Revenue Growth; Retain Buy Timken India (TIL), the leading manufacturer of TRBs (tapered roller bearings), reported total net revenue growth of 7.8% YoY at Rs2,822mn in 1QFY17, 6.8%/6.0% below our/Bloomberg consensus estimate, respectively. The lower revenue growth was on account of 1% YoY decline in exports. The railway segment contributed 22% to revenues. This was the lowest YoY revenue growth rate in the past 10 quarters sequentially. EBITDA grew by a mere 8.5% YoY to Rs491mn (our estimate Rs495mn/Bloomberg estimate Rs507mn) on account of modest expansion in...
Revenues came in at | 275.8 crore, up 15.8% YoY but below our expectation of | 283 crore. This was primarily on account of strong volume growth albeit with lower-than-expected realisations...
Margin Expansion Leads To Huge Growth In Profit; Retain Buy Timken India (TIL), the leading manufacturer of TRBs (Tapered Roller Bearings), reported total net revenue growth of 15.8% YoY to Rs. 2,758mn in 4QFY16, which is14%/4% lower than our/Bloomberg consensus estimates. This is the ninth consecutive quarter of double-digit YoY growth in total net revenue. We believe that revenue growth in this quarter has been driven by uptick in the exports. TIL management has hinted at healthy growth in exports for FY16 during December2015 quarter post result interaction. It is to be noted that December-2015 quarter has witnessed a mere 2% YoY surge in exports. In 4QFY16, EBITDA grew by 57.7%...
ICICI Securities Ltd | Retail Equity Research Timken reported a 12.5% YoY increase in topline to | 257.8 crore driven by strong performance across rail and heavy truck segment....
Timken India (TIL), the leading manufacturer of TRBs (tapered roller bearings), reported YoY growth of 12.3% in 3QFY16 in total net revenue to Rs2,567mn (our estimate Rs2,684mn/ Bloomberg estimate Rs2,686mn). This is the eighth sequential quarter of double-digit YoY growth in total net revenue. Revenue growth for the quarter was driven by strong performance in domestic market in distribution revenue segment (wind energy and cement) while YoY export revenue growth was less than 2%. Exports in 3QFY16 stood at Rs935mn and accounted for 36% of revenues. However, for 9MFY16, cumulative export revenues clocked a higher YoY growth and TIL expressed confidence of maintaining YoY export...
Surge in commercial & passenger auto sales & pick-up in industrial activity to up revenue by 14.7%: Auto industry is estimated to grow at 7.4% for FY16E & 12.9% for FY17E with CVs, tractors & PVs expected to grow at a CAGR of 14.5%, 9.0% & 11.7% respectively. Furthermore, IIP & core sector growth are exhibiting signs of recovery on the back of strong macro-economic factors and Timken, having a near perfect correlation with auto sales & IIP growth, is well poised to grow at a CAGR of 14.7% for FY15-FY17E.
Timken India Ltd (TIL), a subsidiary of Timken Singapore PTE Ltd, is the fourth largest organized bearings player in India with overall revenue market share of ~8%. The company is a leading...
On June 4, 2010, the Union Finance Ministry came out with "Minimum Public Shareholding Guidelines", later (on August 9, 2010) revised. PSUs are expected to maintain a minimum public shareholding of 10 per cent within three years. For the private sector, this is 25 per cent. That means that promoters of listed entities bring down their stake to below 75% by June 3, 2013. Companies can do so either by diluting or de-listing. The most prominent candidates for the delisting will be MNC companies where...
