Buy Whirlpool of India; target of Rs 2900: Motilal Oswal

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Motilal Oswal’s research report on Whirlpool of India

Adverse ruling on Whirlpool Corporation by US Court of Appeals for the Sixth Circuit: On 6th December 2021, the US Court of Appeals for the Sixth Circuit in a decision held that Whirlpool Corporation (the parent company of WHIRL IN) must pay taxes on more than USD45m in profits, for which the appliance manufacturer had evaded paying taxes by shuffling the income through a Luxembourg subsidiary with a single part-time employee. Although the arrangement enabled Whirlpool to avoid taxes on the income in both Mexico (at the level of its manufacturing subsidiary) and Luxembourg (at the holding company level), the court affirmed the income is ultimately taxable to the US parent under the “foreign base company sales income” provision.

Outlook

We forecast an FY21–24E revenue / EBITDA / adj. PAT CAGR of 16%/25%/28%, aided by the low base of FY21. Our TP stands at INR2,900/share as we value WHIRL at 50x FY24E EPS. We maintain our Buy rating. Note that we are yet to assign any value to the stake in ELICA.

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