Samvardhana Motherson International Ltd. share price target

Background: Established in 1975, Motherson Sumi Systems Limited (MSSL), a JV between Samvardhana Motherson Group (36.9% stake) and Sumitomo Wiring Systems, Japan (25.6% ), is India's biggest supplier of wiring harness and one of the largest manufacturers of rear view mirrors in the world. With a strong workforce of over 60,000 qualified professionals and 140 manufacturing units spread across 25 countries, MSSL caters to major global OEMs such as Volkswagen group, BMW, Daimler, Renault Nissan, Ford, Volvo, Maruti Suzuki, Tata Motors, Honda, Toyota etc. In FY15, the standalone entity contributed 14% of its revenues while the Mirror...

MSSL's consolidated revenues stood at Rs.92.5bn in Q1FY16, 11.5% YoY growth. The EBITDA margin has expanded to 9.1% from 8.8% YoY. Consolidated PBT/PAT up by 24%/62% YoY respectively...

Motherson Sumi Systems Ltd. (MSSL) reported subdued performance in Q1FY16 despite high double digit revenue growth in its European subsidiary. Its consolidated revenues/EBIDTA/PAT grew by 12%/15%/40% YoY but declined 1%/7.5%/13.3% QoQ to Rs 94.8bn/8.3bn/2.7bn as against our estimate of Rs 88.6bn/8.4bn/2.73bn. Its EBIDTA margins expanded by 26 bps YoY (down 63 bps QoQ) to 8.9%, despite lower commodity prices.

Big growth with ambitious target; maintain BUY MSSL reported consolidated revenues of Rs.93bn in Q4FY15, 12.5% YoY growth. The EBITDA margin has increased to 9.6% from 9.3%...

Motherson Sumi Systems Ltd. (MSSL) reported very strong performance in Q4FY15 with high double digit growth in its European subsidiary despite slowdown in Eurozone. Its consolidated revenues/EBIDTA/PAT grew by 13%/14%/19% YoY and 4%/7%/19% QoQ to Rs 94.7bn/9bn/3.1bn respectively.

Impressive track record of past performance: Management's ability to consistently outperform its own bold five-year targets lend credibility to its long-term plans. It has successful track record of achieving its aggressive...

Background: Established in 1975, Motherson Sumi Systems Limited (MSSL), a JV between Samvardhana Motherson Group (36.1% stake) and Sumitomo Wiring Systems, Japan (25.3% ), is India's biggest supplier of wiring harness and one of the largest manufacturers of rear view mirrors in the world. With a strong workforce of over 60,000 qualified professionals and 140 manufacturing units spread across 25 countries, MSSL caters to major global OEMs such as Volkswagen group, BMW, Daimler, Renault Nissan, Ford, Volvo, Maruti Suzuki, Tata Motors, Honda, Toyota etc. In FY14, the standalone entity contributed 17% of its revenues while the Mirror...

Motherson Sumi Systems Ltd. (MSSL) reported very strong performance in Q3FY15 with revenues higher by 13% and PAT 50% than our estimates. Company's consolidated revenue/EBIDTA/PAT grew 15%/11%/12% YoY and14%/17%/34% QoQ to Rs 91.5bn/8.5bn/2.7bn in the quarter. EBIDTA margins contracted by 29 bps YoY (rose 21 bps QoQ) to 9.3% (our est was 9%), despite challenging business environment in Eurozone.

Background: Established in 1975, Motherson Sumi Systems Limited (MSSL), a JV between Samvardhana Motherson Group (36.1% stake) and Sumitomo Wiring Systems, Japan (25.3% ), is India's biggest supplier of wiring harness and one of the largest manufacturers of rear view mirrors in the world. With a strong workforce of over 60,000 qualified professionals and 140 manufacturing units spread across 25 countries, MSSL caters to major global OEMs such as Volkswagen group, BMW, Daimler, Renault Nissan, Ford, Volvo, Maruti Suzuki, Tata Motors, Honda, Toyota etc. In FY14, the standalone entity contributed 17% of its revenues while the Mirror...

Background: Established in 1975, Motherson Sumi Systems Limited (MSSL), a JV between Samvardhana Motherson Group (36.1% stake) and Sumitomo Wiring Systems, Japan (25.3% ), is India's biggest supplier of wiring harness and one of the largest manufacturers of rear view mirrors in the world. With a strong workforce of over 60,000 qualified professionals and 140 manufacturing units spread across 25 countries, MSSL caters to major global OEMs such as Volkswagen group, BMW, Daimler, Renault Nissan, Ford, Volvo, Maruti Suzuki, Tata Motors, Honda, Toyota etc. In FY14, the standalone entity contributed 17% of its revenues while the Mirror...