Sharekhan's research report on Sundram Fasteners
Sundram Fasteners Limited (SFL) reported a 40-bps expansion in EBITDA margin at 16%, in line with estimates at 16.1% in Q1FY24. Management has guided to grow ahead of the domestic market and expects export revenue to revive in H2FY2024.
Outlook
We maintain our Buy rating on SFL with a revised PT of Rs. 1,369 on expectation of a revival in export revenue from H2FY2024, new orders in the EV segment, successful execution of existing orders in EV and non-auto space, and RM cost tailwind. The stock trades at a P/E multiple of 28.7x and EV/EBITDA multiple of 18.6x its FY2025E estimates.
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