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Sterling Tools Ltd Research Report - 16th Dec 2015

Auto Ancillary | Published on Sep 12th 2014


Going ahead, we expect STL to report net sales CAGR of ~14% over FY2014-16 to ~`394cr owing to recovery in automobile sales volumes in both domestic as well as export markets. This will lead to recurring business opportunities for auto ancillary companies like STL. Going ahead, the company would improve its volume growth in the fasteners segment driven by healthy volume growth from OEMs customers like Honda Motorcycle & Scooters India, Maruti Suzuki India, Tata Motors, Ashok Leyland, Daimler, Fiat, Hero Motocorp, Mahindra & Mahindra, Volvo, Eicher, TAFE and General Motors. On the profitability front, we forecast STL to report a net profit CAGR of ~20% over FY2014-16 to ~Rs23cr owing to healthy sales and better operating margins due to better product mix and cost effective management strategy. At the current market price of Rs332, the stock trades at a PE of 12.1x and 10.0x its FY2015E and FY2016E EPS of Rs27.4 and Rs33.1, respectively. We initiate coverage on the stock with a Buy recommendation and target price of Rs397, based on 12x FY2016E EPS, indicating an upside of ~20% from the current levels.

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CMP 332
Target Price 397
Investment Period12 Months

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Shareholding Pattern (%)

Public & Others30.0
Grand Total100.0

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