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Last Updated : Nov 17, 2016 06:55 PM IST | Source: Moneycontrol.com

Buy Sterling Tools; target of Rs 1207: Motilal Oswal

Motilal Oswal is bullish on Sterling Tools has recommended buy rating on the stock with a target price of Rs 1207 in its research report dated November 07, 2016.

 
 
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Motilal Oswal's research report on
Sterling Tools


Sterling Tools is one of the largest manufacturer of fasteners in India, with a market share of 28%. The company is supplier of high tensile (HT) fasteners to Honda Motorcycle Scooter India Private Limited (HMSI) and Maruti Suzuki India Limited (MSIL). In top line 2-wheeler accounts for 25% , passenger vehicles (15%), commercial vehicles (25%), and farm equipment (7%-8%) of total sales. STL's other customers include Tata Motors, Ashok Leyland, Daimler, FIAT, Hero Motocorp, Mahindra & Mahindra, Volvo, Eicher, TAFE and General Motors. Sales to OEM form 85%, after market 8% and exports constitutes 7% of total revenue. STL has a capacity of 45,000 MT spread across three plants currently running at 70-75% utilisation. The company has started work on the phase-I expansion for a new plant in Gujarat. Total capex for the project will be INR 50cr likely to be commissioned by September 2017.


Conducive macro factors like good monsoons, 7th pay commission roll out, passage of GST, increasing localization by OEMs will propel STL on growth path going forward. We expect earnings growth of 20% over FY16-18E. STL trades at 15.1x FY18E EPS of INR 60.3. We initiate coverage on the stock with a 'BUY'. We value the company at 20x FY 18E EPS with a target price INR 1,207, giving an upside of 32%.

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First Published on Nov 17, 2016 06:55 pm
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