Motilal Oswal's research report on SalzerIndustrial switch gear (47% of revenue). Salzer is the largest supplier of rotary switches and enjoys 25% of market share in domestic market. The management is confident of growing the revenues and profits by 20-25% for the next 3 years vs 17% CAGR during FY11-15. Copper business (37% of its revenue from Copper business): The segment has grown at 9% CAGR over FY11-15. L&T is the major contributor to the revenue in this segment and contributing ~40% of revenues. We expect, SEL's strong growth in revenue/ earnings led by change in product mix, introduction of new products, wide range of products and increasing visibility for energy saving business. We value SEL at 13x FY 18E EPS of INR 20.4 providing for an upside of 10%. For all recommendations, click here Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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