{"id":7447,"date":"2015-05-26T16:35:11","date_gmt":"2015-05-26T11:05:11","guid":{"rendered":"https:\/\/blog.fundsindia.com\/blog\/?p=7447"},"modified":"2015-06-10T15:19:19","modified_gmt":"2015-06-10T09:49:19","slug":"motherson-sumi-systems-ltd","status":"publish","type":"post","link":"https:\/\/fundsindia.com\/blog\/equities\/motherson-sumi-systems-ltd\/7447","title":{"rendered":"Motherson Sumi Systems Ltd."},"content":{"rendered":"<p style=\"text-align: justify;\">Motherson Sumi Systems Limited (MSSL), the flagship company of the\u00a0Samvardhana Motherson Group, was established in 1986. It is a joint\u00a0venture between Samvardhana Motherson Group and Sumitomo Wiring\u00a0Systems (Japan). The company is a leading global auto component player\u00a0with presence across 25 countries. The acquisition of Visiocorp in 2009 and\u00a0Peguform in 2011, has established MSSL as a global Tier-1 supplier to the\u00a0major OEMs of the automotive industry. With a diverse global customer\u00a0base comprising of almost all leading automobile manufacturers globally,\u00a0MSSL is currently the largest auto ancillary in India and also ranked 55th in\u00a0global auto component suppliers.<\/p>\n<div class=\"blog-highlight\" style=\"clear: both; background: #2baae2; border: none; width: 60%; text-align: center; box-shadow: 0 5px 5px rgba(0, 0, 0, 0.5);\"><a style=\"text-decoration: none;\" href=\"http:\/\/www.fundsindia.com\/content\/jsp\/LP\/equity\/equities1.do?ref=blog-button\" target=\"_blank\"> <span style=\"color: #fff; font-weight: bold;\">Open<\/span> <span style=\"color: #fff; font-weight: bold; text-decoration: none;\"> a FREE Account Now! <\/span><\/a><\/div>\n<p><strong>Valuation and view<\/strong><\/p>\n<p>MSSL\u2019s performance remained healthy in Q4FY15 in terms of revenue as well as profitability. The company has recently acquired the wiring harness business of Stoneridge having a turnover of ~USD 300 mn from six manufacturing facilities in Americas and is in the process of acquiring Scherer &amp; Trier. These are by far the largest acquisitions for the core business of wiring harnesses which will provide the company market recognition in North America &amp; Europe and is expected to provide further headroom to growth. Meanwhile, the management has indicated of improving its return on capital employed (ROCE) to 40% on consolidated basis by FY20.<\/p>\n<p>Considering the above aspects, we rate the stock as \u2018BUY\u2019 at the CMP of Rs 478.3, attractively placed at EV\/EBITDA of ~12.6x and ~9.9x, for FY16E and FY17E, respectively to arrive at a target price of Rs 559, with a potential upside of ~17% for the coming 12 months.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2015\/05\/Research-Report-Motherson-Sumi-Systems-Ltd.pdf\">Research Report Motherson Sumi Systems Ltd<\/a><\/p>\n<p style=\"text-align: justify;\"><i>Investments in equity shares, debentures, etc., are not obligations of, or guaranteed by Wealth India Financial Services Pvt. Ltd., and are subject to investment risks.\u00a0<a href=\"http:\/\/pages.fundsindia.com\/pages\/disclaimer-equities\/\">Click here<\/a>\u00a0to read our full disclaimer.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Motherson Sumi Systems Limited (MSSL), the flagship company of the\u00a0Samvardhana Motherson Group, was established in 1986. It is a joint\u00a0venture between Samvardhana Motherson Group and Sumitomo Wiring\u00a0Systems (Japan). The company is a leading global auto component player\u00a0with presence across 25 countries. The acquisition of Visiocorp in 2009 and\u00a0Peguform in 2011, has established MSSL as a [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[59],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Motherson Sumi Systems Ltd.<\/title>\n<meta name=\"description\" content=\"Find the latest research report on Motherson Sumi Systems Ltd. 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