930.25 33.25 (3.71%)
NSEJul 10, 2020 15:31
The 9 reports from 6 analysts offering long term price targets for Endurance Technologies Ltd. have an average target of 1110.40. The consensus estimate represents an upside of 19.37% from the last price of 930.25.
|Summary||Date||Stock||Broker||Price at Reco.||Target||Price at reco|
Change since reco(%)
|2020-07-06||Endurance Technologi..||Nirmal Bang Institutional||906.00||1110.00||906.00 (2.68%)||19.32||Buy|
Nirmal Bang Institutional
2W recovery and increasing content to beat the slump We initiate coverage on Endurance Technologies (ENDU) with a Buy rating and a target price of Rs1,110, which gives an upside of 27% from the last closing price. It is the largest aluminum die casting manufacturer in India and one of the leading automotive component manufacturers in suspension, transmission and braking systems. It also has operations in Europe, which contributed 28.6% to the consolidated revenue in FY20. We expect ENDU to perform better in the current COVID times mainly on the back of (a) its ability to win new orders in both India and Europe (b) its plan to launch new value and margin accretive products like brakes, clutches and inverted front forks for the...
|2020-06-27||Endurance Technologi..||Motilal Oswal||895.90||1065.00||895.90 (3.83%)||14.49||Buy|
26 June 2020 ENDUs 4QFY20 performance miss was majorly due to the COVID-19 led lockdown. Miss in EU revenues and higher other expenses in India led to miss at adj. ENDU continues to outperform the underlying 2W industry and this gap should widen further due to new customers and content increase. EU subsidiaries also continued to outperform the underlying EU PV industry. We have cut our FY21E EPS by 4%.to factor in the near-term weakness in the 2W industry. However, we have increased FY22E EPS by 8% to factor in the recovery and new order wins. Maintain with TP of ~INR1,065 (23x Jun22E EPS). S/A revenues declined ~14% YoY to ~INR11.3b (v/s est.
|2020-03-17||Endurance Technologi..||Motilal Oswal||710.00||1025.00||710.00 (31.02%)||10.19||Buy|
17 March 2020 ENDUs plants in Italy are primarily located in the Turin region, while Lombardy and Venice regions are facing shutdowns (quarantine). Even its collaborator, Adlers plant in Milan is operational. any business, though operating rates have reduced. Over the last 6-7 years, Italian plants have strategically shifted focus toward German customers, which is now reflected in Volkswagon (VW) group being its largest customer. 2W OEMs in the near term are focused on liquidating BS4 inventory, particularly the few larger players. has brought forward the sourcing of brakes from ENDU due to the disruption. For its India operations, ENDU sources certain components from China. However, it also has an alternate source for these components in India as well, thereby ensuring continuity of operations. ENDUs near-term operating performance is expected to be influenced by the longevity of disruption in Europe and the BS6 transition in India.
|2020-02-12||Endurance Technologi..||Geojit BNP Paribas||1063.95||1170.00||1063.95 (-12.57%)||25.77||Hold|
Geojit BNP Paribas
Endurance Technologies Ltd is one of India's leading automotive component manufacturers with operations in India and Europe. It mainly caters to twoand three-wheeler OEMs in India and supplies aluminium casting products to four-wheeler OEMs in Europe. The company operates 17 plants in India, 9...
|2020-02-08||Endurance Technologi..||Motilal Oswal||1047.50||1261.00||1047.50 (-11.19%)||35.55||Buy|
8 February 2020 ENDUs 3QFY20 performance miss is a reflection of the weak volume environment for 2Ws. Thus, there was a 15% revenue miss in the India business, resulting in 10% consol. While near-term outlook for the 2W industry is weak, ENDU should outperform due to new customers and content increase. We have lowered our EPS for FY20/21E to factor in the near-term weakness in the 2W industry. However, we maintain would be transitory but scope for content increase is structural. revenue/EBITDA/PAT grew -9.5%/3%/12% to ~INR16.4b/INR2.6b/ INR1.24b. S/A revenues declined ~12.5% YoY to ~INR11.6b (v/s est.
|2019-12-24||Endurance Technologi..||Prabhudas Lilladhar||1065.05||1065.05 (-12.66%)||Not Rated|
understanding of ENDU's products (Refer PPT). We also visited ENDU's diecasting, transmission and suspension R&D; centers along with world class test tracks for which ENDU has invested Rs0.55b. We believe ENDU's core focus on R&D; with its ability to offer unique solutions among peers sets it apart in winning break through products from difficult accounts like Hyundai/ Kia group (Koreans auto ancillary are preferred suppliers), HMCL (Munjal Showa- Hero group company) and HMSI (Showa India Honda group company). With new products innovation (CBS/ABS, inverted front forks, CVTs and aluminum forging products), we believe ENDU would continue to...
|2019-11-16||Endurance Technologi..||Karvy||1088.25||1178.00||1088.25 (-14.52%)||Target met||Hold|
|2019-08-23||Endurance Technologi..||Geojit BNP Paribas||849.30||802.00||849.30 (9.53%)||Target met||Sell|
Geojit BNP Paribas
Endurance Technologies Ltd is one of India's leading automotive component manufacturers with operations in India and Europe. It mainly caters to twoand three-wheeler OEMs in India and supplies aluminium casting products to four-wheeler OEMs in Europe. The company operates 16 plants in India, 9...
|2019-08-16||Endurance Technologi..||LKP Securities||866.60||1029.00||866.60 (7.34%)||Target met||Buy|
Reversal of tyre venture decision alleviates investor concerns Quarterly results buck the trend Endurance's Q1 numbers came in above street expectations with margins zooming beyond expectations despite topline showing softness. On the topline front, the domestic revenues showed a 3.5% yoy and 1.5% qoq growth. This positive growth came in despite the underlying auto industry declining significantly. Due to a strong order book and constant business coming from existing clients, mainly the 2W companies this growth was possible. Domestic margins went up by 450 bps yoy and 250 bps qoq on Maharashtra Government tax incentives of 70 cr In Q1, tight control on...
|2019-05-15||Endurance Technologi..||Motilal Oswal||1163.00||1350.00||1163.00 (-20.01%)||Buy|
expanded 260bp YoY (+340bp QoQ) to 15.5% (our est. 12.9%) led by incentives, decline in RM and better mix. Adj. PAT grew 35% YoY to INR1.1b. EU business revenues grew 12.5% YoY to INR5.6b (in-line), with CC revenue growing 10.9% YoY. EBITDA margin expanded 130bp YoY (+200bp QoQ) to 20.9%, driven by higher tooling revenues. Higher depreciation restricted PAT growth to 17% YoY at INR384m (our est. INR352m). Key highlights from earnings call: (a) In FY19, ENDU received new orders of INR10.3b in India and ~EUR60m in the EU business, taking the total Europe...
|2019-05-15||Endurance Technologi..||Karvy||1149.50||1058.00||1149.50 (-19.07%)||Sell|
Endurance Technologies Ltd (ETL's) Q4FY19 results were mixed bag relative to our expectations to factor in slackness in Indian 2W industry and overall slowdown in European car market, we have reduced our sales estimates by 1.9%/2%.
|2019-04-15||Endurance Technologi..||LKP Securities||1174.70||1399.00||1174.70 (-20.81%)||Buy|
Endurance Technologies (Endurance) is one of the biggest suppliers of components to 2wheelers and 3-wheelers in India, having core-competence in aluminium casting, transmission and suspension products. The company is likely to benefit from new customer wins, stricter safety norms in India and increasing demand for aluminium content in passenger vehicles across India and Europe. The company is growing at a rate faster than its peers as well as its underlying industry, hence we believe that the premium valuations of 24x on FY21E earnings, at which the...
|2019-02-13||Endurance Technologi..||Karvy||1334.50||918.00||1334.50 (-30.29%)||Sell|
Margin Sustainability Persists: During Q3FY19, Endurance Technologies Ltd (ETL's) consolidated sales increasedby 17.8% YoY to Rs. 18.1 bn. Its EBITDA margins however declined by 80 bps YoY to 14%.
|2019-02-08||Endurance Technologi..||Motilal Oswal||1272.00||1272.00 (-26.87%)||Economy Update|
Revenue in both India and EU businesses grew faster than underlying industry. EBITDA margin shrank 80bp YoY (-40bp QoQ) to 14% (60bp) and RM inflation. PAT grew 16% YoY to INR1.1b (our 8 February 2019 22%/20%/24% YoY. EBITDA margin shrank 130bp YoY (-80bp QoQ) to 12.1% (our Manesar to Pantnagar (50bp impact), the retrospective impact of an increase in tariff on certain imports (30bp) and RM inflation (~50bp). Adj. revenue declined 1.4% YoY (v/s industry volume decline of 7.8%). EBITDA margin was in-line at 18.
|2018-11-10||Endurance Technologi..||Karvy||1151.00||927.00||1151.00 (-19.18%)||Sell|
Concern on Margin sustainability persists - Maintain SELL: During Q2FY19, ETL's consolidated sales increased by 23.2% YoY to Rs19.4bn. Its EBITDA margins however declined by 15bps YoY to 14.4%. ETL's PAT increased by 25.6% YoY to Rs 1.3bn.
|2018-11-05||Endurance Technologi..||Motilal Oswal||1275.00||1450.00||1275.00 (-27.04%)||Buy|
grew 23% YoY to INR19.4b (above est. EBITDA grew ~22% YoY, with margin contracting 20bp YoY and QoQ to 14.4% (v/s est. 14.8%) as lower staff cost and other expenses failed to fully off-set impact of higher RM costs. Adj. PAT was in line at INR1.25b, growing 26% YoY (flat QoQ). 5 November 2018 S/A revenue grew ~26% YoY to ~INR14.4b (above est. of INR13.5b), growing faster than the underlying industry.
|2018-10-22||Endurance Technologi..||Axis Direct||1110.00||1216.00||1110.00 (-16.19%)||Target met||Buy|
|2018-02-21||Endurance Technologi..||Axis Direct||1286.50||1540.00||1286.50 (-27.69%)||Target met||Buy|
Endurance (ETL) had a strong Q3, as anticipated. India revenue grew 25% YoY, as it continues to outperform production growth of India 2W industry (+16% YoY). With volume recovery of Bajaj Auto (~50% of ETL India revenue; +22% YoY in Q3)
|2018-02-15||Endurance Technologi..||Motilal Oswal||1230.25||1540.00||1230.25 (-24.39%)||Target met||Buy|
Consol. revenue grew 19.8% YoY to INR15.8b (est. of INR16b). EBITDA of INR2.2b was in line with our estimate of INR2.3b. Below-estimated RM cost (led by favorable mix, and pass-through of commodity inflation with a lag) was offset by higher other expenses. EBITDA margin stood at 14.1% v/s our estimate of 14.2%. There was an exceptional expense of INR269m toward Voluntary Separation Scheme as part of its plant consolidation activity in India. Adj. PAT grew 29% YoY to INR957m (est. of INR995m)
|2018-01-08||Endurance Technologi..||Geojit BNP Paribas||1340.05||1354.00||1340.05 (-30.58%)||Target met||Hold|
Endurance Technologies Ltd (ENDU) is one of the largest 2W & 3W automotive component manufacturers in India. Its India business is focused on aluminium die castings & proprietary products (suspension, transmission and braking...