Motilal Oswal's research report on Endurance Technologies
Operating performance in 1QFY23 was affected by higher RM costs and a weaker mix in the domestic market. While ENDU has been winning new orders (in the domestic and export market), the recent acquisition of Maxwell has opened up new opportunities in the Electronic business (BMS, telematics, etc.) for EVs. We have cut our FY23/FY24 EPS estimate by 16%/5% to reflect: a) impact of semiconductor shortages on premium 2Ws in India, b) higher RM cost impact till 2QFY23, and c) greater energy cost inflation in India and the EU. We maintain our Buy rating with a TP of INR1,620 (27x Jun’24E EPS).
The stock trades at 37x/25.7x FY23E/FY24E consolidated EPS. We maintain our Buy rating with a TP of INR1,650 (27x Sep’24E consolidated EPS).
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