Buy Sundram Fasteners: target of Rs 1100: Sharekhan

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Sharekhan’s research report on Sundram Fasteners

SFL is well positioned to benefit from technology shift from BS-VI to electric vehicles, especially in emission-control products. Moreover, the company has capabilities to benefit from technological trends shifting towards lightweight and high strength products. We expect SFL’s earnings CAGR to improve by 39.2% during FY2021E-FY2023E, driven by a 30.5% revenue CAGR and a 40 bps improvement in EBITDA margin to 18.6% in FY2023E from 18.2% in FY2021, with ROCE progressing to 24.5% in FY2023E. The stock trades at P/E multiple of 28x and EV/EBITDA multiple of 17.2x its FY2023E estimates.

Outlook

We retain our Buy rating on Sundram Fasteners Limited (SFL) with a revised PT of Rs. 1,100, led by the company’s strong performance outpacing the automobile industry’s growth through diversifying client and product portfolios, benefitting from its established client relationships, and prudent capital allocation.

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