ICICI Direct's research report on ZF Commercial Vehicle Control System
ZF Commercial Vehicle Control Systems India (ZFCV) (erstwhile Wabco India), now part of the ZF Group, is the market leader in CV braking space and a technology-focused complete solutions provider. FY22 sales channel mix – OEM ~45%, aftermarket ~14%, exports ~41% • FY22 Product mix: Sale of products ~91%, Services ~9%.
Outlook
We retain BUY on ZFCV amid introduction of advanced technologies, solutions for electric buses & well charted path on content/vehicle front. Upgrading our estimates, we now value the company at Rs 10,530 i.e. 50x P/E on FY24E EPS (earlier target price Rs 9,600).
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