Motherson Sumi Rating
JEFFERIES ON MOTHERSON SUMI : 03.06.2021
* DOWNGRADE UNDERPERFORM TARGET: 205
* Motherson Sumi's Q4 EBITDA 9% below estimates, operational outlook is good with expectations of cyclical recovery, Jefferies says. Here's more #CNBCTV18Market
* Q4 EBITDA 9% Below Estimates
* Margin Contracted 30-150 bps QoQ Across Biz
* Operational Outlook Is Good With Expectations Of Cyclical Recovery
* Stk Trading At 34x/28x FY22e/FY23e PE Vs Historical Avg Of 20x
NOMURA ON MOTHERSON SUMI : 03.06.2021
* DOWNGRADE NEUTRAL TARGET: 301
* Motherson Sumi's profitability will continue to rise further as electric vehicles will likely gain share, Nomura believes
* Steady Performance Will Likely Continue
* Near-term Catalysts Played Out, Long-term Still Positive
* EV Orderbook Mix Further Improved To 25% For SMRPBV
* Profitability Will Continue To Rise Further As EVS Likely Gain Share
CLSA ON MOTHERSON SUMI : 03.06.2021
* DOWNGRADE OUTPERFORM TARGET: 290
* CLSA downgrades Motherson Sumi to OUTPERFORM but raises FY21/23 EPS by 2-3%.
• Strong Q4, But Likely In The Price
* Increase FY22/23 EPS Estimates By 2-3%
* Constructive On Medium term Revenue & Margin Trajectory
* Current Valuations Limit Upside Potential
CLSA ON MOTHERSON SUMI : 03.06.2021
* Downgrade to Outperform, Target at Rs 295/share
* 4QFY21 results were significantly ahead of expectations
* Increase FY22/23CL EPS by 2-3% and remain constructive on the medium-term revenue and margin trajectory
* Stock outperformance is likely factoring recovery; Current valuations at FY23CL PE of 26x limit upside potential
GS ON MOTHERSON SUMI : 03.06.2021
* MAINTAIN BUY TARGET: 236
* Operationally, Motherson's numbers remained below estimate but the co beat expectations on order wins & cash flow generation, GS
• Q4 Cons Revenue In-line; EBITDA 5% Lower Than Estimates
* Operationally, Numbers Remained Below Estimate
* Beat Expectations On Order Wins & Cash Flow Generation
* Sharp Improvement In Its Net Debt Position
