External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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

Samvardhana Motherson International / Equity Bottom-Up

Samvardhana Motherson International (MOTHERSO IN)

<ul><li>Samvardhana Motherson’s (MOTHERSO) 3QFY25 operational performance was in line with our estimates.</li><li>Despite a tough global macro environment, the business remained resilient as margins improved 70bp YoY.</li><li>Factoring in weak demand in key regions, we have lowered our FY26E EPS by 15% and largely maintained our FY25E EPS.</li></ul><p><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></p>

Samvardhana Motherson’s (MOTHERSO) 3QFY25 operational performance was in line with our estimates.Despite a tough global macro environment, the business remained resilient as margins improved 70bp YoY.Factoring in weak demand in key regions, we have lowered our FY26E EPS by 15% and largely maintained our FY25E EPS.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.

Samvardhana Motherson - Business Remains Resilient Despite Weak Macro

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

ICICI Securities Limited

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.

<ul><li>Samvardhana Motherson International’s (SAMIL) EBITDAM at 9.7% in Q3FY25, (up ~90bps QoQ) was above consensus’ estimate of 9.2%.</li><li>Consolidated revenue was up 8% YoY, mostly led by inorganic growth amidst muted industry volumes.</li><li>Global demand trends in PV and CV segments are likely to remain muted in the near term.</li></ul><p><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></p>

Samvardhana Motherson International’s (SAMIL) EBITDAM at 9.7% in Q3FY25, (up ~90bps QoQ) was above consensus’ estimate of 9.2%.Consolidated revenue was up 8% YoY, mostly led by inorganic growth amidst muted industry volumes.Global demand trends in PV and CV segments are likely to remain muted in the near term.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.

Samvardhana Motherson International - Resilient Performance Amid Challenging Macro Environment

<ul><li>Samvardhana Motherson (MOTHERSO) reported muted results, with an EBITDA margin of 8.8%, down 80bp QoQ (vs. est. 9.4%), hit by global PV industry slowdown, slower EV ramp-up, and seasonal factors.</li><li>Despite the global challenges and inflated working capital, the company’s RoCE for 1HFY25 stood at 17.3% (up from 16.9% in FY24).</li><li>To factor in the weak demand in key regions, we cut our FY25E/FY26E EPS by ~13.1%/~13.5%. </li></ul><p><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></p>

Samvardhana Motherson (MOTHERSO) reported muted results, with an EBITDA margin of 8.8%, down 80bp QoQ (vs. est. 9.4%), hit by global PV industry slowdown, slower EV ramp-up, and seasonal factors.Despite the global challenges and inflated working capital, the company’s RoCE for 1HFY25 stood at 17.3% (up from 16.9% in FY24).To factor in the weak demand in key regions, we cut our FY25E/FY26E EPS by ~13.1%/~13.5%. 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.

Samvardhana Motherson - Weak Result; 2HFY25E to Be Better

<ul><li>Motherson Sumi (MSS) primarily serves global PV industry with wiring harnesses, vision systems (mirrors) &amp; plastic body parts as key product lines.</li><li>History of successful turnarounds in acquisitions and inorganic-led growth</li><li>We value the combined entity post-merger of erstwhile SAMIL into MSSL at | 255/share on SOTP basis</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>

Motherson Sumi (MSS) primarily serves global PV industry with wiring harnesses, vision systems (mirrors) &amp; plastic body parts as key product lines.History of successful turnarounds in acquisitions and inorganic-led growthWe value the combined entity post-merger of erstwhile SAMIL into MSSL at | 255/share on SOTP basisContent 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.

Motherson Sumi Systems: Gradual Recovery on the Cards

<ul><li>Motherson Sumi (MSSL) primarily serves global PV &amp; CV industry with a history of successful turnarounds in acquisitions and inorganic-led growth.</li><li>MSSL’s stock price has grown at ~13% CAGR from ~Rs 145 levels in January 2017, widely outperforming the Nifty Auto index</li><li>We value the combined entity post-merger of erstwhile SAMIL into MSSL at Rs 270/share on SOTP basis</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>

Motherson Sumi (MSSL) primarily serves global PV &amp; CV industry with a history of successful turnarounds in acquisitions and inorganic-led growth.MSSL’s stock price has grown at ~13% CAGR from ~Rs 145 levels in January 2017, widely outperforming the Nifty Auto indexWe value the combined entity post-merger of erstwhile SAMIL into MSSL at Rs 270/share on SOTP basisContent 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.

Motherson Sumi Systems: Mega-Restructuring to Materialise, New SAMIL Arrives

India

Samvardhana Motherson International Limited is an Indian multinational manufacturer of automotive components. The company produces wiring harnesses, plastic components, rearview mirrors, and other integrated modules for passenger cars and commercial vehicles. It also diversified into non-automotive sectors like aerospace, health & medical, and logistics. The company was established in 1986 and is headquartered in Noida, Uttar Pradesh, India.

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Samvardhana Motherson International (MOTHERSO IN)

Samvardhana Motherson - Business Remains Resilient Despite Weak Macro

Samvardhana Motherson’s (MOTHERSO) 3QFY25 operational performance was in line with our estimates. Despite a tough global macro environment, the...

Motilal Oswal

Samvardhana Motherson International - Resilient Performance Amid Challenging Macro Environment

Samvardhana Motherson International’s (SAMIL) EBITDAM at 9.7% in Q3FY25, (up ~90bps QoQ) was above consensus’ estimate of 9.2%.

ICICI Securities Limited

Samvardhana Motherson - Weak Result; 2HFY25E to Be Better

Samvardhana Motherson (MOTHERSO) reported muted results, with an EBITDA margin of 8.8%, down 80bp QoQ (vs. est. 9.4%), hit by global PV industry...

Motilal Oswal

Motherson Sumi Systems: Gradual Recovery on the Cards

Motherson Sumi (MSS) primarily serves global PV industry with wiring harnesses, vision systems (mirrors) & plastic body parts as key product lines.

ICICI Securities Limited

Motherson Sumi Systems: Mega-Restructuring to Materialise, New SAMIL Arrives

Motherson Sumi (MSSL) primarily serves global PV & CV industry with a history of successful turnarounds in acquisitions and inorganic-led growth.

ICICI Securities Limited

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