ICICI Direct's research report on ZF Commercial Vehicle Control
ZF Commercial Vehicle Control Systems India (ZFCV) (erstwhile Wabco India), now part of the ZF Group, is the market leader in the 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 cyclical upswing in CV space with ZFCV a key beneficiary, solutions in EV domain and advance technologies supporting its quest for content/vehicle increase. Upgrading our estimates, we now value the company at Rs 12,160 i.e. 54x P/E on FY24E EPS (earlier target price Rs 10,530).
More Info
At 11:15 hrs ZF Commercial Vehicle Control Systems India was quoting at Rs 10,143.80, up Rs 108.10, or 1.08 percent.
It has touched an intraday high of Rs 10,200.00 and an intraday low of Rs 10,042.55.
It was trading with volumes of 264 shares, compared to its thirty day average of 691 shares, a decrease of -61.77 percent.
In the previous trading session, the share closed up 0.63 percent or Rs 63.20 at Rs 10,035.70.
The share touched its 52-week high Rs 10,297.00 and 52-week low Rs 6,823.00 on 06 September, 2022 and 08 March, 2022, respectively.
Currently, it is trading 1.49 percent below its 52-week high and 48.67 percent above its 52-week low.
Market capitalisation stands at Rs 19,240.34 crore.
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