Emkay's research report on Motherson Sumi Systems
We notice that across hierarchies and geographies, Motherson’s philosophies of a) QCDDMSES (Quality, Cost, Delivery, Development, Management, Safety, Environment and Sustainability) b) customer centricity and c) focus on ROCE, are deeply ingrained
Business managers of past acquisitions (SMR, SMP, MWSI) said they had a lot of learning in terms of process improvement and frugal engineering from team Motherson
The business managers appear very confident of achieving the 2020 organic growth target for their individual businesses, as it is arrived more bottom-up than top-down
The strategy to achieve $18bn for most business verticals is going to be: a) increase global market share b) increase vertical portfolio c) increase content per car
US to be critical to achieve 2020 targets – to account for ~30% of incremental revenues; 40% ROCE to be driven by vertical integration and inexpensive acquisition
"We maintain BUY with a TP of Rs 550, based in 25x FY17E EPS", says Emkay Global Financial Services research report.
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