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Neutral Bosch; target of Rs 16,150: Motilal Oswal

Motilal Oswal recommended Neutral rating on Bosch with a target price of Rs 16,150 in its research report dated August 03, 2022.

August 05, 2022 / 10:07 PM IST
 
 
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Motilal Oswal's research report on Bosch


BOS’ 1QFY23 performance was a beat on all fronts, led by strong revenue growth. With the easing of supply-chain constraints, it expects PV/LCV volumes to surpass FY18 levels. We expect this outperformance to continue on account of a revival in the CV cycle and an increase in exports, diluted by a weakness in the Tractor cycle. With a margin recovery still awaited, we see no major re-rating catalysts on the anvil.



Outlook


We maintain our FY23 EPS estimate, but increase our FY24 EPS estimate to factor in a better outlook for the Auto and Aftermarket segment. We maintain our Neutral rating with a TP of ~INR16,150 (25x Sep’24E EPS).

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Bosch - 040822 - moti

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first published: Aug 5, 2022 10:04 pm
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