A director at Endurance Technologies Ltd maiden bought 1,500 shares at 2,681.333INR and the significance rating of the trade was 70/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the ...
ENDURANCE TECHNOLOGIES (IN), a company active in the Auto Parts industry, now shows a lower overall rating. The independent financial analyst theScreener confirms the fundamental rating of 2 out of 4 stars. However, the market behaviour deterioration triggered a risk requalification, which can be thus described as moderately risky. theScreener believes that increased risk justifies the general evaluation downgrade to Neutral. As of the analysis date January 21, 2022, the closing price was INR 1,...
ENDURANCE TECHNOLOGIES: All round miss; India hurt by RM cost, EU by semiconductor shortages (ENDU IN, Mkt Cap USD3.4b, CMP INR1816, TP INR2100, 16% Upside, Buy) Wins orders in EVs and non-Auto; Semiconductor shortage in the EU to ease from 1QCY22 2QFY22 was impacted by RM cost inflation and semiconductor shortage. The near term outlook was impacted by weak 2W demand and the semiconductor shortage in India and the EU. However, recovery in underlying 2W demand, improvement in the EU busin...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
(ENDU IN, Mkt Cap USD1.4b, CMP INR724, TP INR1025, 42% Upside, Buy) We interacted with the senior management of Endurance Technologies (ENDU) to get an update on the company’s business/industry. ENDU’s management has stated that both its businesses are so far operating without any material impact of disruption caused by the Coronavirus (COVID-19). Key insights highlighted below: ** All of ENDU’s 9 plants (6 in Italy + 3 in Germany) in EU are operational. ENDU’s plants in Italy are primarily lo...
Endurance Technologies: Below est.; Weak India revenues impact consol. performance (ENDU IN, Mkt Cap USD2.1b, CMP INR1077, TP INR1261, 17% Upside, Buy) ENDU's 3QFY20 performance miss is a reflection of the weak volume environment for 2Ws. Thus, there was a 15% revenue miss in the India business, resulting in 10% consol. PAT miss, despite commendable profitability. While near-term outlook for the 2W industry is weak, ENDU should outperform due to new customers and content increase. We hav...
ENDURANCE TECHNOLOGIES: Below est.; Pressure in India; EU mixed bag; New order wins continue (ENDU IN, Mkt Cap USD2.1b, CMP INR1072, TP INR1240, 16% Upside, Buy) net revenues declined 8.5% YoY to ~INR17.7b (v/s est. ~INR19.8b). Lower tax rates boosted adj. PAT to ~INR1.7b (v/s est. 1.8b), a growth of ~35% YoY. 1HFY20 revenue/EBITDA/PAT grew -4%/ 6%/21% YoY. India business: S/A revenues declined 10% YoY to ~INR12.9b (v/s est. ~INR14.6b) v/s ~17% YoY decline in 2W industry volumes. EBITD...
ENDURANCE TECHNOLOGIES: Outperformance continues; Withdraws plans of foray into 2W tyres (ENDU IN, Mkt Cap USD1.5b, CMP INR743, TP INR1000, 35% Upside, Buy) net revenues were flat YoY to INR18.6b (v/s est. of INR19.7b). PAT grew 8% to INR1.3b (v/s est. of INR1.2b). Performance was boosted by incentives of ~INR229m in India business. India business: S/A revenues were flat YoY to INR13.1b (v/s est. of INR13.9b). EBITDA margins came in at 15.1% (v/s est. of 14%), an expansion of 160bp YoY...
Endurance Technologies: Outperformance continues; best-ever margins led by incentives, mix (ENDU IN, Mkt Cap USD2.3b, CMP INR1169, TP INR1350, 15% Upside, Buy) revenue grew 9.5% YoY to INR19b (in-line). EBITDA margins expanded 230bp YoY (310bp QoQ) to 17.1% (our est. 14.4%), led by strong margins in India and EU business. Consol. PAT grew 28% YoY to INR1.5b (our est. INR1.2b). FY19 consol. revenue/EBITDA/adj. PAT grew 18%/22%/24%. India business revenues grew 8% YoY to INR13.4b (in-line...
Endurance Technologies: Below-estimate; new biz wins, increasing content to drive strong growth (ENDU IN, Mkt Cap USD2.5b, CMP INR1258, TP INR1476, 17% Upside, Buy) revenue grew 18% YoY to INR18.1b (our estimate: INR18.8b) in 3QFY19. Revenue in both India and EU businesses grew faster than underlying industry. EBITDA margin shrank 80bp YoY (-40bp QoQ) to 14% (our estimate: 14.8%) on account of one-offs in standalone (S/A) business (60bp) and RM inflation. Consol. PAT grew 16% YoY to INR1...
ANNUAL REPORT THREADBARE (ART) | ENDURANCE TECHNOLOGIES FY18: All-round improvement, subsidiary traction intact Endurance Technologies’ FY18 annual report highlights a strong operating performance. EBITDA grew 22% to INR9.3b in FY18, led by a strong performance at the standalone level, driven by continued growth in the domestic 2W/3W sectors. However, we note that subsidiaries had outperformed over the last few years (barring FY18), led by ramp-up of operations in Europe. This is eviden...
Endurance Technologies: In-line; Broad-based growth continues (ENDU IN, Mkt Cap USD2.4b, CMP INR1228, TP INR1450, 18% Upside, Buy) Consolidated revenue grew 23% YoY to INR19.4b (above est. of INR18.3b). EBITDA grew ~22% YoY, with margin contracting 20bp YoY and QoQ to 14.4% (v/s est. 14.8%) as lower staff cost and other expenses failed to fully off-set impact of higher RM costs. Adj. PAT was in line at INR1.25b, growing 26% YoY (flat QoQ). India business: S/A revenue grew ~26% YoY to ~I...
Endurance Technologies: In-line; new order wins lead to higher capex guidance (ENDU IN, Mkt Cap USD3.0b, CMP INR1468, TP INR1691, 15% Upside, Buy) revenue grew 24% YoY to INR18.6b (in-line). EBITDA margin expanded 40bp YoY (-20bp QoQ) to 14.6% (est. of 14.3%), led by the benefit of operating leverage. Adj. PAT was in line at INR1.2b (+29% YoY, 7% QoQ). India business: S/A revenue grew ~27% YoY to ~INR13.1b (in-line), which was faster than underlying industry volume growth, indicating a...
Endurance Technologies: Strong beat in both businesses; ramp-up with key 2W players on track (ENDU IN, Mkt Cap USD2.4b, CMP INR1176, TP INR1530, 30% Upside, Buy) Strong beat led by sharp revenue growth: Consol. revenue grew 29% YoY to INR17.9b (est. of INR16.7b). ENDU's revenue in both India and EU businesses grew faster than underlying industry volume growth, indicating continued increase in content per vehicle. EBITDA margin expanded 90bp YoY (+60bp QoQ) to 14.7% (est. of 13.8%), led by...
Endurance Technologies: In-line; India beat estimates, EU misses; Ramp-up with HMSI continues (ENDU IN, Mkt Cap USD2.6b, CMP INR1235, TP INR1540, 25% Upside, Buy) Operating performance in-line: Consol. revenue grew 19.8% YoY to INR15.8b (est. of INR16b). EBITDA of INR2.2b was in line with our estimate of INR2.3b. Below-estimated RM cost (led by favorable mix, and pass-through of commodity inflation with a lag) was offset by higher other expenses. EBITDA margin stood at 14.1% v/s our estim...
Endurance Technologies: Operating performance in-line; higher tax restricts PAT growth(endu IN, Mkt Cap USD2.5b, CMP INR1152, TP INR1334, 16% Upside, Buy)Revenue growth in-line: Consolidated net sales grew 11.9% YoY to INR16.2b (in-line), led by EU. EBITDA margin expanded 30bp YoY (40bp QoQ) to 14.1% (our estimate: 13.9%). However, higher tax rate restricted PAT growth – up 11.6% YoY to ~INR997m (our estimate: ~INR1.08b).India business: Ramp-up with HMSI, RE and Yamaha drives growth: S/A reven...
​THE CORNER OFFICE (Endurance Technologies) — Focused growth strategy leveraging on trends in 2Ws; Several levers to margins + Focused capital allocation = Improving RoEsMr. Anurang Jain is the Promoter and Managing Director of Endurance Technologies. He has been associated with ENDU since its incorporation as a Director.He is responsible for the overall operations of the company. He holds a master’s degree in business administration from the University of Pittsburgh. He has over 31 years ...
​Endurance Technologies: Consolidated performance in-line(ENDU IN, Mkt Cap USD2.1b, CMP INR923, TP INR1059, 15% Upside, Buy)India business drives consolidated performance: Consolidated net sales grew 7.6% YoY to INR15.5b (our estimate: INR15.8b), led by India business. Consolidated EBITDA margin expanded 80bp YoY (flat QoQ) to 13.8% (our estimate: 13.7%), led by internal cost control initiatives and ramp-up in supplies to domestic customers. Ramp-up with HMSI, RE and Yamaha drives India busin...
​Endurance Technologies: Op. performance in line; Revenue growth outperforms industry volumes(ENDU IN, Mkt Cap USD1.7b, CMP INR796, TP INR948, 19% Upside, Buy)EBITDA margin hurt by lower utilization and VRS: Consol. net sales grew 3.7% YoY to INR13.6b (est. of INR12.9b). Consol. EBITDA margin contracted 30bp YoY (-60bp QoQ) to 12.8% (est. of 13.3%), impacted by weaker India margins. In FY17, net sales grew by 6.6% and PAT rose 9.9% to INR3.3b.India business margins disappoint: S/A revenue grew...
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