Neutral Bosch; target of Rs 4500: Motilal Oswal

Motilal Oswal's research report on Bosch

Revenue growth continued to outperform underlying industry volume trends, with revenue and EBITDA in line. We expect this outperformance to continue, led by a CV cycle revival, higher content, and increase in exports. However, a recovery in margin is still awaited. Since the CMP reflects all negatives, we see no major re-rating catalysts on the anvil. We maintain our FY23E/FY24E EPS estimate and our Neutral rating.

Outlook

We maintain our Neutral rating with a TP of INR14,500 per share (~25x Mar’24E EPS).

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