will government's massive surge in investment ... - Myiris.com
will government's massive surge in investment ... - Myiris.com
will government's massive surge in investment ... - Myiris.com
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Aor-Jul 2013 Earn<strong>in</strong>gs Preview<br />
Motherson Sumi Systems<br />
Rat<strong>in</strong>g<br />
Accumulate<br />
Price (Rs) 208<br />
Target Price (Rs) 227<br />
M/Cap (Rs bn) 122.3<br />
Shares o/s (m) 587.4<br />
Key Figures (Rs m)<br />
Y/e March FY13 FY14E FY15E<br />
Net Sales 256,170 296,160 337,694<br />
EBITDA 19,441 24,757 30,222<br />
Marg<strong>in</strong> (%) 7.6 8.4 8.9<br />
PAT 6,074 8,050 10,564<br />
EPS (Rs) 10.3 13.7 18.0<br />
Growth (%) 55.1 32.5 31.2<br />
RoE (%) 29.2 30.9 31.9<br />
PE (x) 20.1 15.2 11.6<br />
P / BV (x) 5.3 4.2 3.3<br />
EV / E (x) 8.5 6.5 5.1<br />
Samvardhana Motherson Reflectec (SMR) is likely to grow by 17.7% YoY <strong>in</strong> revenue<br />
terms (10% growth <strong>in</strong> Euro terms). Utilization levels improv<strong>in</strong>g at SMR level is likely<br />
to lead to an improvement of 270bps <strong>in</strong> EBITDA marg<strong>in</strong>s at SMR. We expect<br />
Peguform to report a flat growth at Rs32.5bn top-l<strong>in</strong>e with an EBITDA marg<strong>in</strong> of<br />
4.3%. On account of improvement <strong>in</strong> standalone marg<strong>in</strong>s by 200bps <strong>in</strong> standalone<br />
bus<strong>in</strong>ess on a YoY basis, overall EBITDA marg<strong>in</strong>s are likely to improve by 65bps YoY.<br />
Quarterly Table (Rs m)<br />
Y/e March<br />
Q1<br />
FY14E<br />
Q1<br />
FY13<br />
YoY gr.<br />
(%)<br />
Q4<br />
FY13<br />
12M<br />
FY14E<br />
12M<br />
FY13<br />
YoY gr.<br />
(%)<br />
Net Sales 64,811 63,880 1.5 66,758 296,160 256,170 15.6<br />
EBITDA 5,041 4,552 10.7 5,693 24,757 19,441 27.3<br />
Marg<strong>in</strong> (%) 7.8 7.1 65 bps 8.5 8.4 7.6 77 bps<br />
Reported PAT 1,391 81 1,608.5 1,958 8,050 4,446 81.1<br />
PAT (Excl. Ex Items) 1,391 2,090 (33.5) 1,613 8,050 6,074 32.5<br />
Operat<strong>in</strong>g Metrics<br />
SMR Sales (Rs m) 18,900 16,063 17.7 19,227 82,172 69,538 18.2<br />
MSSL Sales exc. SMR 45,911 47,817 (4.0) 47,532 213,988 186,632 14.7<br />
EBITDA - SMR (Rs m) 1,450 804 80.3 1,618 6,574 4,513 45.7<br />
EBITDA ‐ SMR (%) 7.7 5.0 267 bps 8.4 8.0 6.5 151 bps<br />
EBITDA excl SMR (%) 7.8 7.8 (2)bps 8.6 8.5 8.0 50 bps<br />
July 8, 2013 54
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