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

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

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Equity Bottom-Up

ZF Commercial Vehicle Control Systems India / Equity Bottom-Up

ZF Commercial Vehicle Control Systems India (ZCVCS IN)

ZF Commercial Vehicle Control Systems India

<ul><li>Wabco India (WIL), now part of the ZF Group, is the market leader in the CV braking space and a technology-focused complete solutions provider</li><li>FY21 channel mix – OEM 41%, aftermarket 16%, exports 43%</li><li>Target Price and Valuation: Introducing FY24E numbers, we now value the company at Rs 9,530 i.e. 50x P/E on FY24E EPS (earlier target price Rs 8,800</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>

Wabco India (WIL), now part of the ZF Group, is the market leader in the CV braking space and a technology-focused complete solutions providerFY21 channel mix – OEM 41%, aftermarket 16%, exports 43%Target Price and Valuation: Introducing FY24E numbers, we now value the company at Rs 9,530 i.e. 50x P/E on FY24E EPS (earlier target price Rs 8,800Content 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.

Wabco India: Domestic Capex Cycle Beneficiary, CV Recovery Play

India

ZF Commercial Vehicle Control Systems India Limited is a market leader in India for advanced braking systems, conventional braking products, and related air-assisted technologies and systems for commercial vehicles. The company provides industry-leading solutions in the Autonomous, Connected, and Electric (ACE) domains, including integrated systems for braking, stability, and transmission automation. It serves automotive original equipment manufacturers (OEMs), distributors, government agencies, and retailers. Headquartered in Chennai, India, the company was incorporated on November 18, 2004, and was formerly known as WABCO India Limited before changing its name in March 2022.

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Wabco India: Domestic Capex Cycle Beneficiary, CV Recovery Play

Recent announcements in Union Budget 2022-23 i.e. robust allocation of Rs 7.5 lakh crore (up 35% YoY) as capital expenditure for FY23E & extension...

ICICI Securities Limited