Sharekhan's research report on Sundram Fasteners
SFL reported in line with estimated operating performance in Q4FY23 on the back of a sequential rise in export. SFL indicates for a better performance in H2FY24 compared to H1FY24 and continue to maintain its capex guidance of Rs 1000 cr over FY23-25E. The stock is trading at P/E multiple of 26x and EV/EBITDA multiple of 16.9x its FY25E estimates.
Outlook
We maintain a Buy rating on Sundram Fasteners Ltd (SFL) with target price of Rs 1,244 on the expectation of 32.0% earning CAGR over next two years, increase in penetration in EV segment and its focus on rising non-auto as well as export revenue.
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