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L G Balakrishnan & Bros Ltd Research Report - 16th Dec 2015

Auto Ancillary | Published on Aug 20th 2014


LGBL is a market leader in two-wheeler automotive chains with ~70% market share in the OEM segment. The two-wheeler industry is showing signs of recovery, both in terms of domestic sales as well as exports. This will lead to recurring business opportunity for auto ancillary companies like LGBL. Going ahead, the company would improve its volume growth in the automotive chains segment driven by healthy volume growth at key clients like HMCL, HMSI, Yamaha, TVS Motor and others (owing to upcoming capacity expansion plans and new launches). We forecast LGBL to report Net Sales CAGR of ~16% over FY2014-16E to ~Rs1,484cr and Net Profit CAGR of ~12% during the same period to Rs79cr. At the current market price of Rs497, the stock trades at 11.7x and 9.9x its FY2015E and FY2016E EPS of Rs42.6 and Rs50.4, respectively. Based on 12x FY2016E EPS, we arrive at a target price of Rs605 for LGBL, indicating an upside of ~22% from the current levels. Thus, we recommend a Buy on LGBL.

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CMP 497
Target Price 605
Investment Period12 Months

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Shareholding Pattern (%)

Public & Others37.0
Grand Total100.0

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