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Subros Ltd Research Report - 16th Dec 2015

Auto Ancillary | Published on Jan 08th 2015

IT

We expect Subros to clock a revenue CAGR of 13% over FY2014-FY2017 aided by a recovery in the passenger vehicle industry and market share regain by its key clients. Initiation of supplies to Denso Corporation would also boost Subros top-line. Also, Subros’ margins are expected to improve owing to increased localisation, operating leverage and weakness in JPY. We also expect the companys interest costs to recede, given the reduction in the debt levels. We expect Subros to report a PAT CAGR of 29% over FY2014-FY2017. At the current market price of Rs67, the stock trades at 15.3x and 9.2x its FY2016 and FY2017 earnings, respectively. We initiate coverage on the stock with a Buy recommendation and target price of Rs80 based on 11x FY2017E EPS, indicating an upside of 19% from the current levels.

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CMP 67
Target Price 80
Investment Period12 Months

Stock Info

MCAP BSE (Rs in Cr)990.11
MCAP NSE (Rs in Cr)990.71
P/E (x)29.37
EPS (Rs.)5.62
BV (Rs.)56.50
Div Yield (%)0.48
FV (Rs.)2.00
P/BV (x)2.92
EV/Sales (x)1.05
EV/EBITDA (x)9.09

Shareholding Pattern (%)

Public & Others56.0
Promoter40.0
Institution4.0
Corporate0.0
Foreign0.0
Grand Total100.0

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