ICICI Direct's research report on Timken India
For TIL, Q3FY17 turned out to be a weak third quarter due to a drop in exports to tune of 45%. This was primarily on account of capex related re-alignment of assets at its Jamshedpur facility where it is executing a capex of Rs 75 crore. As per management commentary, the same is likely to recover in subsequent quarters.
Outlook
We estimate growth of 11.4% and 19.9% in topline and bottomline in FY16-19E, respectively. With an improving growth outlook, we now value the company at 31x FY19E EPS of Rs 20.7 and arrive at a target price of Rs 645. We continue to maintain HOLD rating on the stock.
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