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 retain our BUY rating on the stock amid expectations of healthy volume growth in the M&HCV as well as UV space, Bosch’s potential content increase in BS-VI stage 2 rollover and capabilities developed by it in alternate fuel ecosystems including EV’s and hydrogen powered vehicles. Introducing FY25E and rolling over our valuations we now value Bosch at Rs 20,970 i.e. 31x P/E on FY25E EPS of Rs 676 (earlier TP: Rs 20,000).
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