Samvardhana Motherson International Ltd. share price target

Motherson Sumi Systems Ltd (MSSL) witnessed a modest 5% yoy growth to INR 15924 cr in Q2FY20, which came in line with expectation considering slowdown in global automobile demand.

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.