Endurance Technologies Ltd. share price target

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,...

impacted by low scale of operations due to chip shortage and declined 19.4%YoY at Euro 47.6mn. However, new business win remained strong for India (Rs 5.9b) and EU (Euro 53.9mn) in 9M. Company also forayed into new products like Drive shaft (commencing supply from May'22) and non-auto casting (new orders ~1b); also won orders from EV worth Rs 1.4b. We believe ENDU will continue to outperform the industry led by i) Addition of new and value added products (ABS, Drive shaft business and nonautomotive castings, clutch and brakes for 200cc+ MC etc.) ii) Ability to add new customers as well as increased penetration with existing customers (PV...

We maintain a BUY rating on the stock and value it at 27x FY24E P/E to arrive at a target price of Rs 1,750/share (Rs 2,000/share earlier), implying an upside of 20% from CMP.

Adds drive shafts a new fuel agnostic product 3QFY22 was impacted by RM/energy cost inflation, semiconductor shortages, and operating deleverage. Its near term demand outlook is impacted by weak 2W demand in India, continued semiconductor shortages in India/EU, and higher energy cost in the EU. Looking beyond these transitory challenges, easing supply-side issues, recovery in underlying 2W demand, and contribution from the new product (drive Financials & Valuations (INR b)...

We maintain a BUY rating on the stock and value it at 30x FY23E P/E to arrive at a target price of Rs 2,000/share, implying an upside of 10% from CMP.

possibility of new product technology are potential catalysts for the stock. We cut our FY22E/FY23E EPS estimate by 12.5%/2% to factor in weak 2W OEM demand and impact of the semiconductor shortage in India and the EU business. We increase our P/E multiple to 30x (from 28x earlier) to reflect newer revenue streams like non-Auto in die-casting, brakes and transmission for over 200cc Motorcycles, etc., which are not yet factored...

recent run-up in the stock at revised TP of Rs1,989 (v/s Rs1,844) based on 29x (28x earlier) Sept'23 EPS, to factor in strong FCF generation and improving return ratios. ENDU's 2QFY22 S/A revenues grew 19%YoY at...

ENDURANCE TECHNOLOGIES | Auto & Auto Components .... Multiple drivers in place! Endurance Technologies (Endurance) has a track record of outperforming the underlying industry growth on the back of increasing content supplied to existing customers and adding new customers. Its order wins in the last 3 years (25bn in India and EUR130mn in Europe) should drive good growth in FY22E and FY23E. We expect 21%/24%/31% CAGR in Revenue/...

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,...

We retain a BUY and value the company at 30x FY23E to arrive at a target price of Rs 1,886/share, implying an upside of 10% from CMP.