reports
- Jinesh Gandhi
MOSL : BOSCH: Strong revenue growth across businesses
. BOSCH: Strong revenue growth across businesses (BOS IN, Mkt Cap USD6.4b, CMP INR17297, TP INR16150, 7% Downside, Neutral) BOS’ 1QFY23 performance was a beat on all fronts, led by strong revenue growth. With the easing of supply-chain constraints, it expects PV/LCV volumes to surpass FY18 levels. We expect this outperformance to continue on account of a revival in the CV cycle and an increase in exports, diluted by a weakness in the Tractor cycle. With a margin recovery still awaited, we ...
With a more favourable environment, BOSCH improves to Slightly Positiv...
BOSCH (IN), a company active in the Auto Parts industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date January 4, 2022, the closing price was INR 17,222.60 and its potential was esti...
- Dave Nicoski
- Ross LaDuke
Vermilion Int'l Compass: Global Equity Strategy
MSCI ACWI Breaking To New Highs Market dynamics remain healthy and we are continuing to see signs that suggest global equities are entering a new broad-based bull market. Led by strength from the US, the MSCI ACWI index (ACWI-US) recently broke out to new highs above the important $105.40 resistance level; this is a bullish sign for global equities. Still, we are waiting for confirmation in the form of breakouts or bullish price inflections from the other broad global indexes (ACWX-US, EFA-US, ...
- Jinesh Gandhi
MOSL: BOSCH (Neutral)-Above est; revenue outperformance continues
BOSCH: Above est; revenue outperformance continues (BOS IN, Mkt Cap USD6.2b, CMP INR15519, TP INR16650, 7% Upside, Neutral) Margin recovery awaited; hinges on localization and operating leverage Bosch (BOS)'s 1QFY22 performance was driven by higher revenues and better gross margins. We expect growth in BOS to rebound faster on account of (a) the revival of the CV cycle, (b) the addition of the 2W segment, and (c) content increase. BOS' stock price largely reflects all the negatives, but ...
- Jinesh Gandhi
MOSL: BOSCH (Neutral)-Below-estimate; operating deleverage hurts; outl...
BOSCH: Below-estimate; operating deleverage hurts; outlook cautious (BOS IN, Mkt Cap USD5.7b, CMP INR13783, TP INR15150, 10% Upside, Neutral) Fifth consecutive quarter of revenue decline; BS6 pain ahead BOS’ 3QFY20 operating performance was weak across operating parameters due to weak production at the OEM end. There is no end in sight as the near-term weak demand environment would be followed by BS6 transition, posing a risk of further market share loss in CVs and a decline in market of...
- Jinesh Gandhi
MOSL: BOSCH (Neutral)-Below est.-Operating deleverage hurting margins;...
Bosch: Below est.; Operating deleverage hurting margins; Outlook cautious (BOS IN, Mkt Cap USD6.3b, CMP INR15240, TP INR13700, 10% Downside, Neutral) Negative operating leverage dents margins: Revenues declined 27% YoY to ~INR23.1b (v/s est. ~INR24.3b). Auto revenues skidded ~31% YoY, while non-auto revenue dropped ~9.5% YoY due to the solar energy and security tech business witnessing a decline. EBITDA margins were down ~430bp YoY (-300bp QoQ) to ~14.6% (v/s est. ~15.5%). Higher other in...
- Jinesh Gandhi
MOSL: BOSCH (Neutral)-High regulatory changes augur well | BS6 transla...
BOSCH: High regulatory changes augur well | BS6 translation of LoI to business critical(BOS IN, Mkt Cap USD6.1b, CMP INR14576, TP INR14380, 1% Downside, Neutral) We met with the management of Bosch (BOS) to understand the evolving regulatory, technological and competitive landscape in the sector. Increasing complexity due to stringent regulatory changes augur well for a technology-focused player like BOS, though the seamless translation of LoI is important for BS6 business. BOS is confident of ...
- Jinesh Gandhi
MOSL: BOSCH (Neutral)-Below est.-Slowdown structural and not cyclical;...
BOSCH: Below est.; Slowdown structural and not cyclical; Preparing for it (BOS IN, Mkt Cap USD5.6b, CMP INR13517, TP INR14715, 9% Upside, Neutral) Negative operating leverage dents margins: Revenues declined 13.5% YoY (+1% QoQ) to INR27.8b (est. INR28.9b). Auto revenue declined 13.5% YoY (domestic auto revenues/auto exports declined 17.5%/19%), while non-auto revenue declined ~13% YoY. EBITDA declined 23% YoY (-6.5% QoQ) to INR4.8b (below est. of INR5.4b). EBITDA margin shrunk 220bp YoY (...
- Jinesh Gandhi
MOSL: BOSCH (Neutral)-Below est.-Negative op. leverage dents margins-F...
Bosch: Below est.; Negative op. leverage dents margins; FY20 outlook cautious (BOS IN, Mkt Cap USD7.4b, CMP INR17394, TP INR18200, 5% Upside, Neutral) Revenues declined 13% YoY (-11% QoQ) to INR27.5b (our est. INR30.5b). Auto revenue declined 16% YoY (domestic auto revenues fell 16.4% while auto exports declined 6.3%). Powertrain revenues declined 19% impacted by diesel, even as gasoline grew in line with the industry. EBITDA declined 25% YoY (-22% QoQ) to INR5.2b (below our est. INR6b). ...
- Jinesh Gandhi
MOSL: BOSCH (Neutral)-Op. performance below expectations-excited about...
Bosch: Op. performance below expectations; excited about 2W opportunity in BS6/electric era (BOS IN, Mkt Cap USD7.7b, CMP INR17898, TP INR20147, 13% Upside, Neutral) Revenues miss estimates: Revenues were flat YoY (-3.3% QoQ) at INR31b (our estimate: INR32.6b). Auto revenues were flat YoY (powertrain revenue down ~3% YoY), while non-auto revenues grew by 6.9% YoY (driven by the security systems and solar energy divisions). Margins hurt by forex, product mix: EBITDA declined 6% YoY (-29%...
- Jinesh Gandhi
MOSL: BOSCH (Neutral)- In-line-Higher other income, lower depreciation...
Bosch: In-line; Higher other income, lower depreciation boosts PAT (BOS IN, Mkt Cap USD8.1b, CMP INR19448, TP INR20302, 4% Upside, Neutral) Revenue higher than estimate: Revenues grew +14% YoY (flat QoQ) to INR32b (our est. INR30.4b). Auto revenue grew 12.3% YoY, whereas non-auto segment grew 14.3% YoY (driven by energy and power tools business). Domestic revenue grew 16% YoY, while exports declined by 14% YoY. Margin impacted by RM: EBITDA grew 17% YoY (-5% QoQ) to INR6b (in-line). EBI...
- Jinesh Gandhi
MOSL: BOSCH (Neutral)-Revenue below est., PAT in-line-strong growth ac...
Bosch: Revenue below est., PAT in-line; strong growth across Autos and Non-autos (BOS IN,Mkt Cap USD8.6b, CMP INR19319, TP INR19280, Neutral) Revenue misses estimate: Revenue grew 21% YoY (+2% QoQ) to INR32.1b (below our estimate of INR34.4b), as against industry growth of 25%. Auto revenue grew 17% YoY, while non-auto revenue increased 45% YoY (driven by the energy and power tools business). Domestic revenue grew by 22% YoY and exports by 7% YoY. EBITDA margin beat despite higher RM co...
- Jinesh Gandhi
MOSL: BOSCH (Neutral)-Below est; EBITDA margins drop YoY 540bp to 21.9...
Bosch: Below est; EBITDA margins drop YoY 540bp to 21.9% (BOS IN, Mkt Cap USD8.4b, CMP INR18122, TP INR19291, 6% Upside, Neutral) Strong growth in both autos & non-autos: Revenues grew +23% YoY (+3% QoQ) to INR31.6b (est. INR 30b), as against industry growth of 19%.Auto revenue grew 23% YoY, whereas non-auto segment grew 22% YoY. Domestic revenue grew by 24% YoY and exports by 9% YoY. Higher RM cost and other expenses hurt margins: EBITDA was flat YoY (+55% QoQ) at INR6.9b (est. INR 7.3...
- Jinesh Gandhi
MOSL: BOSCH (Neutral)- In-line; localization, favorable currency drive...
Bosch: In-line; localization, favorable currency drive a decline in RM (BOS IN, Mkt Cap USD9.8b, CMP INR19911, TP INR21951, 10% Upside, Neutral) Healthy growth in auto and non-auto segments (adjusted for excise) drives revenues: 3QFY18 revenue grew 14% YoY to INR30.7b (est. of INR31.3b), led by healthy growth in the auto and non-auto segments, as well as a recovery in after-market sales. Auto revenue, adjusted for excise, grew 15% YoY, driven by healthy growth in the diesel (33.6%) and gasol...
- Jinesh Gandhi
MOSL: BOSCH (Neutral)-Below est-Sharp miss on topline-Benefit of BS-4 ...
​Bosch: Below est; Sharp miss on topline; Benefit of BS-4 on revenues not visible(BOS IN, Mkt Cap USD9.9b, CMP INR20458, TP INR19965, 3% Downside, Neutral)Benefit of higher BS-4 ASPs not yet visible: Revenues grew 6.8% YoY to INR28.1b (est. INR34.2b), as against ~6.6% growth in addressable auto industry growth. Auto segment revenues grew ~8.8%, driven by very strong double digit growth in diesel business and strong double digit growth in gasoline business, but impacted by decline in aftermarke...
- Jinesh Gandhi
MOSL: BOSCH (Neutral)-Below est.; very weak CV volumes, high import co...
​Bosch: Below est.; very weak CV volumes, high import content impact EBITDA(BOS IN, Mkt Cap USD10.3b, CMP INR22620, TP INR21994, 1% Downside, Neutral)Slower transition to BS4 and lower aftermarket impact revenue: Revenue grew ~4% YoY to ~INR26.5b (est. of ~INR30.2b), driven by 5% YoY growth in Autos. Diesel segment grew by 8% YoY (driven by ASP increase due to BS4) and Gasoline by 54%. Non-Auto declined by 11% due to lower export orders in Packaging Technology and a delay in sales due to GST. ...
- Jinesh Gandhi
MOSL: BOSCH LTD (Neutral)-Above est-Strong performance with best-ever ...
​Bosch Ltd: Above est; Strong performance with best-ever margins aided by one-offs(BOS IN, Mkt Cap USD10.7b, CMP INR23406, TP INR23287, 1% Downside, Neutral)Non-autos drives revenue growth, exports continue to decline: Revenue grew ~3% YoY to ~INR25.7b (est. of ~INR27.8b), led by ~17% growth in Non-autos and 4% YoY in Autos. Exports continued to decline, led by China. Autos performance was driven by high-double-digit growth in petrol systems and 2Ws. Non-autos growth was led by the security sy...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.