HDFC Securities' research report on Endurance Technologies
Endurance continues to expand into new segments as the company will commence ABS orders in 1QFY22 and its CBS facility will be commissioned shortly. It is winning orders from new customers (TVS) and is expanding with HMSI, Hero, etc.
We reiterate BUY. We have a target price of Rs 1,270 at 28x Sep-22E EPS (our estimates are changed marginally by 1% over FY22/23E). Key risks: slower-than-expected industry recovery.
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