ICICI Direct's research report on Dixon Technologies (India)
Dixon Technologies is India’s leading electronic manufacturing (EMS) provider and one of the largest beneficiaries of the government’s PLI scheme. Dixon operates in both original equipment manufacturing (OEM) and original design manufacturing (ODM) • Strong RoE, RoCE at ~20%, ~24%, respectively (three year’s average).
Outlook
We maintain our HOLD rating. We introduce our FY25E estimates. We roll over our valuation on FY25E and value Dixon at 35x P/E FY25E EPS and revise our target price to Rs 3055.
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