Endurance Technologies Ltd. share price target

Expect the company to post Revenues/EBIDTA/PAT at CAGR of 10%/14%/14% respectively over FY20-23E. We retain BUY with a target price of Rs 1190 valuing the company at 20x FY23E.

Endurance Technologies (ENDU) is one of India's leading automotive component manufacturing companies. Anurang Engineering Company Private Limited which merged into the company in 2006, commenced manufacturing of aluminium castings in Aurangabad, Maharashtra, India in1986. Over time, grown organically in India and diversified capabilities by introducing suspension products, transmission products and braking systems. Starting with two aluminium casting machines in FY 1986, it has grown to operate 16 plants in India and 9 plants in Europe. Today the company is the largest aluminium die casting manufacturer in...

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...

Endurance Technologies Ltd.'s Q1FY21 performance was better than our expectations; company reported consolidated sales of Rs 603 cr (down by 68% YoY), EBIDTA of Rs 43 cr (down by 87%) and loss of Rs 25 cr after tax (better than our expectations of loss of Rs 50 cr) due to the closure of productio..

15 August 2020 Endurance Technologies (ENDU) 1QFY21 performance was a mixed bag as the revenue miss was off-set by good cost management. ENDU continues to outperform the underlying 2W industry, which should further widen due to new customers and content increase. Thus, we believe it is the best proxy on the 2W industry in India. We have upgraded our estimates for FY21E by 15% to factor in the cost cutting initiatives in both its businesses. This translated to recurring loss of INR249m (v/s est. S/A revenues declined ~73% YoY to ~INR3.6b (v/s est. ~INR5.3b) as compared to the underlying 2W industry production decline of 78.5% YoY.

We initiate coverage on Endurance Technologies with a BUY recommendation and price target of Rs 1190/- as Endurance is transforming itself into an auto ancillary with value added, technology based products viz., ABS, CVT, paper based clutches, fully machined castings etc.

Endurance Technologies | Auto and Auto Components Strong order wins to overshadow weak Q4 and FY 21Poised for a Robust FY 22 Weak Q4 led by challenging macro environment in both the geographies Endurance's Q4 numbers came below our as well as street's expectations as revenues declined by...

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.

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.

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...