Endurance Technologies Ltd. share price target

Rich product portfolio for 2W, 3W and PV segments ......................................... 6 Story in Charts ....................................................................................................... 9 Light weighting - A structural trend to drive die-casting business ........................ 11 Breakthrough orders from Hyundai/Kia to help grow beyond 2Ws ................... 12 Die-casting segment highly fragmented with presence of key players ............. 13 Europe Focus on machining and EVs to drive growth ................................... 14 Growth enablers for European business .......................................................... 15 High entry barriers led by product complexity .................................................. 16...

We had hosted the senior management of Endurance Technologies (ENDU). Our meeting with Mr. Anurang Jain, Managing Director, ENDU; Mr. Satrajit Ray, Executive Director & Group Chief Financial Officer; and Mr. Massimo Venuti, Director & CEO, Endurance Overseas included discussions on its growth strategy in India and the EU business, risk and...

Q2FY21 Topline remained flattish YoY The Q2FY21 topline remained flattish YoY at `17,701mn. Flattish revenue was due to flattish revenue growth in the standalone business and benefits of appreciation of EUR versus Rs, offset by 7-8% decline in subsidiaries revenues in EUR terms. Revenues in India business were flat YoY in Q2FY21 led by double-digit growth with HMSI, Yamaha India, Suzuki and Tata Motors, offset by 7-12% YoY decline in revenues from Bajaj Auto and Royal Enfield and 5% YoY decline in the aftermarket segment. EBITDA was at `3,132mn (+7.6% YoY; +633% QoQ) led...

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...