Bosch Ltd. share price target

ICICI Securities Ltd | Retail Equity Research Bosch's Q4FY18 revenue (adjusting excise duty) came in at | 3,158 crore (up 22.7% YoY), in line with our estimate of | 3,155 crore. According to the management, revenue from auto segment grew 23.1% YoY while non-auto revenue grew 22.1% YoY. Further domestic, export growth was at 24.2%, 9% YoY, respectively EBITDA margins came in at 21.9% (down 544 bps YoY; up 732 bps QoQ) vs. estimate of 21.6%. We believe margins are not comparable...

22 May 2018 4QFY18 Results Update | Sector: Automobiles Revenues grew +23% YoY (+3% QoQ) to INR31.6b (est. INR 30b), as against industry growth of 19%.Auto revenue grew 23% YoY, whereas non-auto segment grew 22% YoY. c) In FY18, auto revenues grew ~15% driven by 19% growth in powertrain solution business. d) Non-auto revenues were flat in FY18 impacted by lower revenues in energy business, despite double digit growth in building technology, packaging technology as well as thermo technology. Bosch Ltd BOS enjoys a very strong and unique positioning in the auto component industry, with a focus on technology enabling high value add, strong relationships with OEMs, and strong after-market presence. With strong tailwind in the CVs and tractor industry, we estimate revenue growth at 15% CAGR over FY18-20E. Unique industry positioning, technology focus enables high growth visibility as reflected in ~34% FY15-18E EPS CAGR.

ICICI Securities Ltd | Retail Equity Research Bosch's Q3FY18 revenue came in at | 3,072 crore (up 15% YoY), vs. our estimate of | 3,020 crore. Its overall mobility segment grew by~17.8% YoY driven by both diesel & gasoline systems. The nonmobility segment declined by 3.1% YoY; as double digit growth in its Security Systems, Packaging Technology & Thermo technology division was offset by de-growth in its Energy Solutions business EBITDA margins came in at 14.6% (up 459 bps YoY; however down by 349 bps QoQ) above our estimate of 12.9%. Margins were higher...

3QFY18 revenue grew 14% YoY to INR30.7b (est. of INR31.3b), led by healthy growth in the auto and non-auto segments, as well as a recovery in after-market sales. Auto revenue, adjusted for excise, grew 15% YoY, driven by healthy growth in the diesel (33.6%) and gasoline (37.1%)businesses, supported by a recovery in after-market sales (+4% YoY). Non-auto segment, adjusted for excise, grew 10.5% YoY due to double-digit growth in the security systems, packaging and thermo technology segments,offsetting the decline in the energy solution segment. Domestic revenue grew by 13.1% YoY and exports by 22% YoY.

ICICI Securities Ltd | Retail Equity Research Bosch's Q2FY18 revenue came in at | 2,812 crore (up 7.7% YoY), below our estimate of | 2,978 crore. Revenues (adjusting from excise duty) from the automotive segment (accounting for ~85% of revenue) grew ~7.6% YoY to | 2,421 crore after revenue from both gasoline & diesel systems witnessed double digit growth, partly offset by de-growth in the aftermarket segment (on account of supply chain disruption due to implementation of GST). The revenue...

ICICI Securities Ltd | Retail Equity Research Bosch's Q1FY18 revenue came in at | 2,648 crore (up 5.1% YoY), vs. our estimate of | 2,438 crore. Gross revenues from the automotive segment grew 4.9% YoY to | 2,486 crore as 1) diesel system grew 8.1% YoY (mainly due to BS IV transition) & 2) gasoline system grew by 53% YoY due to volume ramp up. Revenue from non-automotive segment declined 5% YoY to | 359 crore mainly on account of high base (one-time export order in packaging & solar business last year)...

ICICI Securities Ltd | Retail Equity Research Bosch's Q4FY17 revenues came in at | 2,575 crore (up 2.8% YoY) vs. our estimate of | 2,632 crore. Gross revenues from automotive segment grew 2% YoY to | 2,409 crore while revenues from nonautomotive grew 32% YoY to | 448 crore EBITDA margins came in at 27.3% (up 465 bps YoY) vs. our estimate of 21.5%. Mainly due to lower raw material cost (gross margins expanded 264 bps YoY) & employee cost (down 335 bps YoY), the margins expanded. According to the management, the higher...

Based in India, Bosch ltd. is only listed subsidiary globally of parent Robert Bosch, which holds 72% stake in its Indian entity. Bosch ltd. is the market leader in manufacturing diesel engine technology in Indian market, with commercial vehicles and tractors contributing almost 60% of its revenue, while in fuel injection system segment, company holds 80% market share. Company has presence across automotive technology, industrial technology, consumer goods and energy and building...