The 6 reports from 2 analysts offering long term price targets
for Lumax Auto Technologies Ltd. have an average target of 202.50. The consensus estimate
represents an upside of 48.35%
from the last price of 136.50.
Given its healthy balance sheet, consistent dividend payout (+20%), and efficient working capital cycle (15 days), we maintain our positive view on the stock. We have reduced EPS estimates by 17% over FY19-21E to factor in the impact due to the SMT business. We Maintain BUY with a revised TP of Rs 180 at 16x FY21E EPS. Despite the recent developments, we expect Lumax to benefit from 1) Sustained revenue growth from existing product lines such as lighting and sheet metals 2) incremental revenue from new products including Urea tanks and oxygen sensors (~Rs 1bn in next 2-3 years) 3) Revenue and margin expansion in the aftermarket business (the company is launching several new products across its existing product range). We expect +20% CAGR growth over the next 3-5 years.
We Maintain BUY with a revised TP of Rs 208 (16xDec-18). Lumax Auotech (LATL) continued its double digit growth trajectory (Revenue/PAT grew 15/33%) in 3Q despite a slowdown in the OEM segment. LATLs growth is driven by the aftermarket segment as well as higher other income (relating to designing and mould modification charges). We re-iterate our Buy rating due to our expectations of double digit revenue growth (12-13%) over FY20-21 as LATL is diversifying across product segments and margins are expanding on a richer mix (higher aftermarket sales).
Maintain BUY with TP Rs 245(18xSept-20) vs 216 earlier Lumax Autotech (LATL) experienced strong growth in Revenue and PAT in 2Q. Revenue jumped 37% YoY to Rs. 3.67bn led by strong growth in Lighting, SMT, Sheet Metal and Aftermarket business. Besides this, richer product mix and operating leverage benefits, added up to EBITDA (+40% YoY at Rs 353mn) of the company and contributed significantly in APAT (+76% YoY, excluding exceptional items of Rs. 53mn towards impairment of assets for Exhaust business).
We value LATL (18x FY20E Earning) at 216 vs 198 earlier, Maintain BUY Lumax Autotech (LATL) posted strong set of numbers in 1Q. Revenue jumped 42% YoY to Rs. 3.33bn led by strong growth in lighting, Plastic molded, SMT and aftermarket business. EBITDA rose by 66% YoY at Rs 334mn (+66% YoY,) with strong margin 10% (+145bps YoY) led by richer product mix. APAT stood at Rs 181mn (+97% YoY).
Lumax Auto Technologies Ltd (is a part of the D.K. Jain Group of companies) through its wholly owned subsidiary, LDK, is the market leader in Parking Brakes Gear Shifters, Intake Systems, Integrated Plastic modules, 2-wheeler Chassis & Lighting, Gear Shifters, Seat Structures & Mechanisms, LED Lighting, Aerospace & Defence Engineering Services within both TWs, PCs CV segments. Also LATL is a major supplier of chasis, exhaust systems and petrol tanks for two wheelers. LATL has 27 manufacturing plants in India. Eight plants are located in Pune, 2 plants in Aurangabad, in Maharashtra, 7 in Manesar Gurgaon, in Haryana, 1 plant in Kala Amb in...
We value LATL (18x FY20E Earning) at 987, Maintain BUY Lumax Autotech (LATL) posted strong set of numbers in 4Q. Revenue jumped 48% YoY to Rs. 3.31bn led by strong growth in lighting, Plastic molded, SMT (electronic components like PCB), Gear shifter and aftermarket business. EBITDA at Rs 282mn (+96% YoY, 6% ahead of est) with margin of 8.5% (+205bps YoY), vs est 9.8%. APAT stood at Rs 132mn (+96% YoY).
We value LATL (18x FY20E Earning) at 987, Maintain BUY Lumax Autotechs (LATL) posted strong set of numbers in 3Q. Revenue at Rs. 2.77bn (+26% YoY, 4%QoQ) led by strong growth in lighting, Plastic molded, Gear shifter and aftermarket business. EBITDA at Rs 280mn (+71% YoY) with improved margin of 10.1% (+266bps YoY) owing to better product mix, and improvement in aftermarket sales and margin.
LATL has a lean balance sheet with low leverage (0.1x), a consistent dividend payout record (20%+ dividend payout) and an efficient working capital cycle (15 days). We increase our TP to Rs. 781 based on 15xDec-19E EPS vs 681(15xFY19E) earlier. Maintain BUY Lumax Autotechs (LATL) posted decent set of numbers in 2Q. Revenue at Rs. 2.67bn (+4% YoY, 14%QoQ) led by strong growth in gear shifter and plastic molded business, offset by subdued lighting and aftermarket revenue. EBITDA at Rs 252mn (+15% YoY) with improved margin of 9.4% (+95bps YoY) owing to better product mix and improvement in aftermarket margin. APAT stood at Rs 134mn (+14% YoY).
LATL has a lean balance sheet with low leverage (0.1x), a consistent dividend payout record (20%+ dividend payout) and an efficient working capital cycle (14 days). We value the stock at Rs. 681 (15xFY19E EPS). Maintain BUY Lumax Autotechs (LATL) 1QFY18 numbers were mixed bag. Revenue at Rs. 2.35bn (-11% YoY) dragged by revenue from lighting (owing to decline in Bajaj Auto volume) and aftermarket sales. EBITDA at Rs 202mn (-1% YoY, in line estimates) with improved margin of 8.6 %(+82bps YoY). APAT at Rs 92mn (-22% YoY) dragged by fall in other income and higher tax.
Lumax Autotechs (LATL) 4QFY17 numbers were adversely impacted by demonetisation. Net revenue stood at Rs 2.31bn (-2% YoY), led by a decline in the plastic molded parts business and aftermarket sales. EBITDA at Rs 126mn (-13% YoY) with a margin of 5.4% (-72bps YoY), was impacted by negative operating leverage.
Despite the adverse impact of demonetisation on the auto industry, Lumax Autotech?s (LATL?s) net revenue stood at Rs 2.3bn ( 6% YoY), driven by strong growth in the gear shifters and seat frames segments. However, EBITDA was lower at Rs 142mn (-7% YoY) with a margin of 6.1% (-84bps YoY) owing to higher RM and employee costs. RPAT (after MI) at Rs 43mn (-40% YoY) was impacted by ~Rs 33mn extraordinary expenses as compensation paid to workers for closure of a plant in Waluj.
Lumax Auto Tec hnologies Ltd (is a part of the D.K. Jain Group of companies) through its wholly owned subsidiary, LDK, is the market leader in Design, Testing and Manufacturing of Parking Brak es & Gear Shift with a strong presence in both passenger cars & commercial vehicle segments. Also LATL is...