Buy Samvardhana Motherson International; target of Rs 94: Emkay Global Financial

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Emkay Global Financial's research report on Samvardhana Motherson International

We attended Samvardhana Motherson International’s (SAMIL’s) analyst meet, where Management re-iterated its aspirational target to increase revenue to USD36bn in FY25 from USD10bn in FY22, driven by both organic growth and acquisitions. Company expects robust organic growth over FY22-25E, owing to pick-up in underlying industry, better content per vehicle (CPV) and revenue surge in nascent segments. CPV is expected to notably increase due to premiumization/electrification. Management is evaluating multiple-acquisition opportunities, with an aim to increase revenues by +USD15bn. These acquisitions could require +USD2bn, which is expected to be funded through debt and internal accruals.

Outlook

We retain a constructive view on expectations of an industry-upcycle and better walletshare. We reaffirm BUY, with SOTP-based TP of Rs94, based on our Dec-24 estimates.

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Samvardhana Motherson International - 05 -12-2022 - emkay