ICICI Direct's research report on Bosch
Bosch Ltd (Bosch) is a technology leader providing solutions in automotive, industrial technology, consumer goods, energy & building technology. • Mobility solutions (automotive products) comprised ~85% of FY22 sales with share of Business Beyond Mobility at ~15% • Within mobility, it has large presence in diesel-dependent vehicles, tractors.
We upgrade Bosch from HOLD to BUY tracking industry tailwinds as well as government’s focus on stringent emission controls with company’s value addition focus in this domain (including e-mobility and new technologies). Introducing FY24, we now value Bosch at 28x P/E on FY24E EPS of Rs 575 for a revised target price of Rs 16,100 per share (earlier Rs 20,100).
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