ZF Commercial Vehicle Control Systems India Ltd. share price target

ICICI Securities Ltd | Retail Equity Research Wabco India's (WIL) Q3FY18 revenues came in at | 650 crore (up 32.7% YoY) vs. our estimate of | 627 crore. Revenue from domestic business increased ~34% YoY to | 466 crore and outperformed the M&HCV; industry (production up 21.1% YoY in Q3FY18). The higher M&HCV; demand was mainly due to pre-buying on account of mandatory norm of air ventilation system in trucks sold after December 31, 2017. WIL's domestic revenue mix was at - OEM...

ICICI Securities Ltd | Retail Equity Research Wabco India (WIL) reported strong Q2FY18 result that were above our estimates on all parameters. Revenues came in at | 610 crore (up 31.1% YoY). Revival in domestic M&HCV; demand and strong export order (from US & Europe) lifted overall revenues Revenue from the domestic business increased 28.4% YoY to | 403 crore and outperformed the M&HCV; industry (production up 11.3% YoY in Q2FY18) mainly by adding higher content per vehicle. The...

ICICI Securities Ltd | Retail Equity Research Wabco India's (WIL) Q1FY18 revenues came in at | 526 crore (down 2.1% YoY) vs. expectation of | 487 crore. The topline was supported by 1) export revenue (up 32.3% YoY to | 184 crore) & 2) contribution from new products (~5% of overall sales) like wiring harness, pole wheels, lift axle control & others. Revenue from domestic business declined 14.1% YoY to | 342 crore, after M&HCV; industry production volumes declined 45.3% YoY. The domestic revenue mix was OEM...

ICICI Securities Ltd | Retail Equity Research Wabco India's (WIL) Q4FY17 revenues came in at | 577 crore (up 2.8% YoY) vs. our estimate of | 600 crore. Revenue from domestic operations grew 4% YoY to | 432 crore (vs. estimate | 437 crore) while revenue from exports declined 1.3% YoY to | 145 crore (vs. estimate | 163 crore). Of its domestic business OEM revenue was at ~| 255 crore, revenue from spares & ABS were at ~| 74 & ~| 80 crore, respectively. Its other operating income was at | 26 crore...

ICICI Securities Ltd | Retail Equity Research The government's focus on emission & safety norms is likely to benefit Wabco India (WIL), which is one of the prominent players in safety solutions in the Indian CV space. The government's thrust on environmental protection & road safety is evident from the past chain of events - migration from BS III to BS IV emission standard and mandatory implementation of anti lock brake system (ABS), respectively. We believe WIL is well placed to capture this opportunity, as its consistent focus on...

ICICI Securities Ltd | Retail Equity Research Wabco India's (WIL) Q3FY17 revenues increased 16.2% YoY to | 492 crore (our estimate: | 517 crore). Revenue from domestic operations grew 20% YoY to | 348 crore (our estimate: | 360 crore) while revenue from exports grew 7.5% YoY to | 144 crore (our estimate:...

ICICI Securities Ltd | Retail Equity Research Wabco India's (WIL) Q2FY17 revenues came in at | 464 crore (up 8.2% YoY) below our estimate of | 503 crore. Revenue from domestic operations grew 9.7% YoY to | 314 crore (largely driven by ABS) vs. our expectations of | 346 crore while revenue from exports was up 5% YoY to | 150 crore against our estimate of | 157 crore EBITDA margins contracted 51 bps YoY and 477 bps QoQ to 14.7% and lower than our expectations of 15.6%. The benefit of lower raw...

We recently met the management of Wabco India (WIL) to deepen our understanding of its business. According to the management, there could be a sizeable (~| 3000 crore) growth opportunity if the government mandates the implementation of anti-lock braking systems (ABS) on the existing 2.5 million vehicles, which are plying on Indian roads. The company expects to gradually benefit from increasing its content per vehicle (CPV) partly driven by safety legislations. On the export front, its parent will continue to focus on increasing its sourcing from low cost...

ICICI Securities Ltd | Retail Equity Research Wabco India (WIL) reported a strong set of Q1FY17 numbers, which were above our estimates on all parameters. Revenues grew 39.4% YoY to | 537 crore (vs. estimate of | 520 crore). The topline growth was mainly driven by the domestic market, which posted revenue growth of 56% YoY to | 398 crore. The export revenue growth moderated in Q1FY17, up 6.8% YoY to | 139 crore and is attributable to the overall slowdown in the CV segment in the US market...

ICICI Securities Ltd | Retail Equity Research Wabco India's (WIL) Q4FY16 revenues grew 47.8% YoY to | 567 crore (vs. estimate of | 501 crore). Both domestic & exports revenues...