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Endurance Tech: Riding on two-wheeler recovery; valuation at a discount

We continue to remain upbeat on Endurance, primarily on the back of its significant presence in the high growth two-wheeler segment and a strong order book. Moreover, the company is trading at a discount to its 5-year average valuation

November 18, 2020 / 03:02 PM IST
Endurance Tech: Riding on two-wheeler recovery; valuation at a discount

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Endurance Tech (CMP: Rs 1,028, Mcap: Rs 14,460 crore) has reported a better-than-expected performance during the second quarter of FY21 post the lifting of lockdown restrictions. In fact, driven by a strong recovery in the two-wheeler industry, Endurance’s quarterly results have been on par with last year’s numbers. The company is a global force in aluminium casting (including alloy wheels), suspension, transmission and braking products. We continue to remain upbeat on Endurance (ENDU), primarily, on the back of its significant...

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