External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Automotive Axles (AAL), established in 1981, is largest independent manufacturer of rear axle drive assemblies in India (primarily for CVs, M&amp;HCV)</li><li>As of FY20, rear drive axles comprise ~60% of its topline with brakes share at ~20% and other parts comprising the rest</li><li>Target Price and Valuation: We introduce FY24E. We now value the company at a revised target price of Rs 1730 i.e. 20x P/E on FY24E EPS (earlier TP Rs 1260).</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Automotive Axles (AAL), established in 1981, is largest independent manufacturer of rear axle drive assemblies in India (primarily for CVs, M&amp;HCV)As of FY20, rear drive axles comprise ~60% of its topline with brakes share at ~20% and other parts comprising the restTarget Price and Valuation: We introduce FY24E. We now value the company at a revised target price of Rs 1730 i.e. 20x P/E on FY24E EPS (earlier TP Rs 1260).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Automotive Axles: Well Placed to Play on Cyclical Recovery in CV Space

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Automotive Axles Ltd.’s results came in higher on a QoQ well as YoY basis, albeit below our estimates</li><li>Automotive Axles would be a standout beneficiary of rising demand for the M&amp;HCV segment given its products viz., Rear wheel Axles, brakes, and suspensions</li><li>We retain a BUY rating on the stock assigning a multiple of 17x FY23E EPS to arrive at a target price of Rs 1,550/share (12% upside)</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Automotive Axles Ltd.’s results came in higher on a QoQ well as YoY basis, albeit below our estimatesAutomotive Axles would be a standout beneficiary of rising demand for the M&amp;HCV segment given its products viz., Rear wheel Axles, brakes, and suspensionsWe retain a BUY rating on the stock assigning a multiple of 17x FY23E EPS to arrive at a target price of Rs 1,550/share (12% upside)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Automotive Axles: Long-Term Growth Drivers In Place

<p>We retain a BUY and our multiple to 15x FY23E to arrive at a target price of Rs 1,440/share (15% upside) on the back of the CV recovery cycle, new products, and cost rationalisation.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We retain a BUY and our multiple to 15x FY23E to arrive at a target price of Rs 1,440/share (15% upside) on the back of the CV recovery cycle, new products, and cost rationalisation.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Automotive Axles: Long-Term Growth Drivers in Place

India

Automotive Axles Ltd. manufactures drive axle assemblies and related auto parts.

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Automotive Axles (ATXL IN)

Automotive Axles: Well Placed to Play on Cyclical Recovery in CV Space

Automotive Axles (AAL), established in 1981, is largest independent manufacturer of rear axle drive assemblies in India (primarily for CVs, M&HCV)

ICICI Securities Limited

Automotive Axles: Long-Term Growth Drivers In Place

We retain a BUY rating on the stock assigning a multiple of 17x FY23E EPS to arrive at a target price of Rs 1,550/share (12% upside) on the back of...

Axis Direct

Automotive Axles: Long-Term Growth Drivers in Place

We retain a BUY and our multiple to 15x FY23E to arrive at a target price of Rs 1,440/share (15% upside) on the back of the CV recovery cycle, new...

Axis Direct

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