Accumulate CIE Automotive India; target of Rs 617: Asit C Mehta

About this update from Cie Automotive India Ltd

Asit C Mehta report on CIE Automotive IndiaCIE Automotive India Ltd. (CIEINDIA) was incorporated in the year 1999, is a subsidiary of CIE Automotive group originated from Spain, which has its presence across the globe, in Germany, Lithuania, and Italy in the European continent as well as a plant in Mexico and North America. It is a global fullservice supplier for automotive components and sub-assemblies. It has an established presence in each of these locations and supplies to automotive Original Equipment Manufacturers (OEMs) and their Tier 1 suppliers. Currently it is engaged in the business of manufacturing and supply of forged components for light vehicles, two and three wheelers, medium and heavy commercial vehicles and tractors. It is a multi-technology automotive supplier company primarily in crankshafts and Stub Axles, Aluminium, Ductile Iron Castings, Stampings and Stamped Assemblies, Thermostat Composite, Gears and Shafts. It has its manufacturing and engineering facilities present all over India, like Pune, Coimbatore, Aurangabad, Haridwar, Nashik, Rajkot, Pant Nagar Bangalore, Rudrapur, Mangaon and Zaheerabad.OutlookWe expect revenue to grow at a CAGR of 6.2% for CY23-CY26E, with a target price of Rs 617 based on CY26E EPS of Rs 30.1 along with a forward PE multiple of 20.5. Therefore, we recommend an ACCUMULATE rating for the long term.For all recommendations report, click hereDisclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.CIE Automotive India

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