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Angel maintains ACCUMULATE on Bosch India

Angel maintains ACCUMULATE on Bosch India
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First Published: Thu, Jun 19 2008. 09 21 AM IST
Updated: Thu, Jun 19 2008. 09 21 AM IST
Bosch, India’s largest auto ancillary company, has ventured into new technology businesses lines like CRS and is diversifying by entering newer verticals in the non-auto segment by leveraging its strengths in engine technology.
Bosch India is emerging as the preferred outsourcing base for Bosch Group. The group expects revenues from India to grow at a CAGR of 10% over 2006-2010 to Euro 1.5 billion of total revenues of Bosch Global by 2010.
The group has also announced Rs850 crore investment in India over 2008-2010 following Rs1,800 crore investment during 2005-08 taking total to Rs2,650 crore by 2010.
We expect Bosch’s Diesel System business to record 17.5% CAGR over CY2007-09E backed by 45% CAGR in CRS (70% CAGR over CY2005-07) and 9% (21% CAGR over CY2003-07) in the conventional diesel system.
One can enter the stock at lower levels with a long-term perspective. We maintain ACCUMULATE rating and DCF-based Target Price of Rs4,336.
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First Published: Thu, Jun 19 2008. 09 21 AM IST
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