Samvardhana Motherson International Ltd. share price target

Motherson Sumi Systems (MSS) Q2FY20 consolidated margins were above estimates at 8.3% (PLe: 7.2%) however, standalone results were in-line. Ramp-up at Kecskemet/Tuscaloosa and efficiencies at other plant resulted in sharp improvement in SMP margins at 4.2% (+160bp QoQ, PLe: 3.2%). Going ahead with further ramp-up of both these plants, healthy order book at Eur18.4b (as of Sep-19 including new orders of Eur3.8b in 1HFY20) and SOP...

revenue grew 5% YoY to INR159.2b (v/s est. INR153.6b), drivn by PKC and SMP businesses. PAT grew 4% YoY to INR3.9b (v/s est. 1HFY20 CFO increased 533% to INR14.3b, driven by reduction in working capital while lower capex led to FCF at INR4.2b (v/s -INR10.

Motherson Sumi Systems Ltd (MSSL) is a JV between Samvardhana Motherson International (SMIL) and Sumitomo Wiring Systems, Japan (SWS). MSSL is a diversified auto parts maker with presence in automotive...

The challenging times seems to have extended for Motherson Sumi Systems Ltd (MSSL) as it witnessed 14% yoy growth to INR 16793 cr in Q1FY20.

Global auto-ancillary, marred by decline in auto volumes! MSSL is truly a global auto ancillary player with outside India constituting ~88% of its consolidates sales and India comprising the rest at 12% of sales. It has high exposure to Europe with Germany accounting for the large chunk and constituting ~23% of sales. US contribution is also at a healthy 15% of sales. Its major clients include Audi (13% of sales), Mercedes Benz (9%), Volkswagen (9%), Ford (5%), etc. Globally, there has been a downtick in auto sales volume tracking muted economic prospects amid uncertainty...

Motherson Sumi Systems' (MSS) Q1FY20 performance were in-line at Change in Estimates | Target | Reco consolidated level however, standalone margins were lower than expected at 17% (PLe: 18%). With impact of high ramp-up cost of greenfield plants and...

Consol. revenue grew ~14% YoY to ~INR167.9b (our estimate: INR168.6b) in 1QFY20, led by the Reydel consolidation and the better-than-estimated performance at India and SMP. EBITDA declined 11% YoY to ~INR12.6b (inline). Higher depreciation and interest cost (partly due to the Ind-AS 116...

Sector: Auto-ancillaries /Mid-Cap | Earnings Update 4QFY19 Background: Motherson Sumi Systems Limited (MSSL) is one of the world's leading, specialized automotive component manufacturing companies for OEMs. MSSL was established in 1986 as a joint venture with Sumitomo Wiring Systems. MSSL is a focused, dynamic and progressive comp any providing customers with innovative and value-added products, services and solutions. With a diverse global customer base of nearly all leading automobile manufacturers globally, the company has a presence in 36 countries across six continents. MSSL is currently the largest auto ancillary in India and among the Fab SO companies of...

Motherson Sumi Systems Ltd (MSSL) had a challenging Q4FY19. Although 11% yoy growth in the topline to INR 17169 cr in Q4FY19 was encouraging.

While underlying automotive trends are not supportive, MSS has been impacted by ramp-up issues at its recently commissioned plants (particularly the Tuscaloosa plant). These issues are transient in nature, partly due (a) teething trouble for the large greenfield plant and (b) visa-related issues. We expect a strong recovery as these plants drive growth based on orders on hand.