SAMVARDHANA MOTHERSON INTERNATIONAL LIMITED

Financials Samvardhana Motherson International Limited NSE India S.E.

Equities

MOTHERSON

INE775A01035

Auto, Truck & Motorcycle Parts

Market Closed - NSE India S.E. Other stock markets 07:43:48 2024-04-26 am EDT			5-day change	1st Jan Change
131.1 ^INR	+3.07%		+3.19%	+28.59%

Mar. 31	Samvardhana Motherson International Limited Announces Cessation of Gautam Mukherjee as an Independent Director	CI
Mar. 29	Samvardhana Motherson International Limited Announces Initiation of Incorporation of Wholly Owned Subsidiary	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	471,281	192,792	636,482	629,530	454,535	888,728	-	-
Enterprise Value (EV) ¹	545,240	260,693	665,681	707,145	545,471	1,035,218	1,000,565	958,069
P/E ratio	29.2 x	16.5 x	61.3 x	55.7 x	30.4 x	38.5 x	22.4 x	18.5 x
Yield	1.01%	2.46%	0.74%	0.47%	0.97%	0.8%	1.21%	1.44%
Capitalization / Revenue	0.74 x	0.3 x	1.11 x	0.99 x	0.58 x	0.9 x	0.76 x	0.71 x
EV / Revenue	0.86 x	0.41 x	1.16 x	1.11 x	0.69 x	1.05 x	0.86 x	0.77 x
EV / EBITDA	10.2 x	5.01 x	15.3 x	15.9 x	8.79 x	11.8 x	9.01 x	7.86 x
EV / FCF	35.2 x	6.39 x	21.6 x	-1,557 x	22.5 x	-60.9 x	18.6 x	14.9 x
FCF Yield	2.84%	15.6%	4.63%	-0.06%	4.44%	-1.64%	5.38%	6.72%
Price to Book	4.3 x	1.71 x	5.07 x	3.06 x	2.02 x	3.66 x	3.24 x	2.86 x
Nbr of stocks (in thousands)	4,736,491	4,736,901	4,736,901	6,776,421	6,776,011	6,776,421	-	-
Reference price ²	99.50	40.70	134.4	92.90	67.08	131.2	131.2	131.2
Announcement Date	5/27/19	6/2/20	6/2/21	5/26/22	5/26/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	635,229	635,369	573,699	635,360	787,007	989,816	1,162,284	1,250,611
EBITDA ¹	53,484	52,014	43,590	44,614	62,077	87,771	111,060	121,891
EBIT ¹	32,902	24,234	14,329	15,032	30,719	50,508	68,840	76,860
Operating Margin	5.18%	3.81%	2.5%	2.37%	3.9%	5.1%	5.92%	6.15%
Earnings before Tax (EBT) ¹	32,003	20,554	11,734	14,242	24,048	35,116	57,982	69,200
Net income ¹	16,132	11,700	10,391	8,738	14,956	22,877	39,463	47,449
Net margin	2.54%	1.84%	1.81%	1.38%	1.9%	2.31%	3.4%	3.79%
EPS ²	3.407	2.473	2.193	1.667	2.210	3.410	5.864	7.073
Free Cash Flow ¹	15,497	40,779	30,812	-454.1	24,219	-17,007	53,788	64,367
FCF margin	2.44%	6.42%	5.37%	-0.07%	3.08%	-1.72%	4.63%	5.15%
FCF Conversion (EBITDA)	28.98%	78.4%	70.69%	-	39.01%	-	48.43%	52.81%
FCF Conversion (Net income)	96.07%	348.53%	296.51%	-	161.94%	-	136.3%	135.66%
Dividend per Share ²	1.000	1.000	1.000	0.4333	0.6500	1.050	1.587	1.889
Announcement Date	5/27/19	6/2/20	6/2/21	5/26/22	5/26/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	170,924	169,719	161,574	140,764	161,175	171,848	176,147	182,608	202,262	224,768	224,622	231,734	252,077	263,745
EBITDA ¹	17,955	17,223	12,200	9,438	10,765	12,108	10,768	14,031	15,753	20,205	19,246	20,443	21,378	24,804
EBIT ¹	10,602	9,655	4,687	-	3,431	4,746	3,444	6,544	-	11,808	10,857	11,696	12,407	15,052
Operating Margin	6.2%	5.69%	2.9%	-	2.13%	2.76%	1.96%	3.58%	-	5.25%	4.83%	5.05%	4.92%	5.71%
Earnings before Tax (EBT) ¹	10,186	9,142	5,224	1,787	3,269	3,960	2,743	4,596	7,179	9,530	8,860	9,333	11,732	9,529
Net income ¹	7,984	7,136	2,896	2,169	2,451	1,216	1,412	2,464	4,539	6,540	6,009	7,244	7,088	7,159
Net margin	4.67%	4.2%	1.79%	1.54%	1.52%	0.71%	0.8%	1.35%	2.24%	2.91%	2.68%	3.13%	2.81%	2.71%
EPS ²	1.687	1.507	0.6133	0.4533	0.5200	0.1800	0.2067	0.3600	-	0.9700	0.8900	1.200	1.100	1.100
Dividend per Share	-	1.000	-	-	-	0.4333	-	-	-	-	-	-	-	-
Announcement Date	2/12/21	6/2/21	8/10/21	11/12/21	2/11/22	5/26/22	8/8/22	11/10/22	2/8/23	5/26/23	8/10/23	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	73,960	67,902	29,200	77,615	90,936	146,490	111,837	69,342
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.383 x	1.305 x	0.6699 x	1.74 x	1.465 x	1.669 x	1.007 x	0.5689 x
Free Cash Flow ¹	15,497	40,779	30,812	-454	24,219	-17,007	53,788	64,367
ROE (net income / shareholders' equity)	15.5%	10.5%	8.72%	5.27%	6.95%	10%	15%	15.9%
ROA (Net income/ Total Assets)	3.99%	2.63%	2.22%	1.67%	2.53%	4.16%	5.6%	6.1%
Assets ¹	404,139	444,129	467,904	521,764	590,605	550,452	704,249	778,491
Book Value Per Share ²	23.20	23.80	26.50	30.40	33.10	35.90	40.50	45.90
Cash Flow per Share ²	9.100	13.40	10.70	4.700	6.860	9.140	15.00	14.90
Capex ¹	27,627	22,741	19,700	25,081	22,211	70,360	42,561	39,573
Capex / Sales	4.35%	3.58%	3.43%	3.95%	2.82%	7.11%	3.66%	3.16%
Announcement Date	5/27/19	6/2/20	6/2/21	5/26/22	5/26/23	-	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Samvardhana Motherson International Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

131.2 INR

Average target price

131.7 INR

Spread / Average Target

+0.42%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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