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FAG Bearings – 3QCY2011
FAG Bearings (FAG) recorded a strong performance in 3QCY2011.
The company reported better-than-expected net sales growth of 22.5% yoy
(4.5% qoq) to `334cr against our expectations of `311cr. EBITDA margin
expanded by 216bp yoy (down 51bp qoq) to 19.8%, as raw-material expenses
remained flat and other expenses declined during the quarter. As a result, FAG
registered a robust 44.4% yoy (1.5% qoq) jump in its net profit to `45cr.
Further, higher-than-expected other income helped the company register
strong net profit growth. At `1,253, the stock is trading at 12.1x and 11.4x
CY2011E and CY2012E earnings, respectively. We maintain our Accumulate
view on the stock with a revised target price of `1,320.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
FAG Bearings – 3QCY2011
FAG Bearings (FAG) recorded a strong performance in 3QCY2011.
The company reported better-than-expected net sales growth of 22.5% yoy
(4.5% qoq) to `334cr against our expectations of `311cr. EBITDA margin
expanded by 216bp yoy (down 51bp qoq) to 19.8%, as raw-material expenses
remained flat and other expenses declined during the quarter. As a result, FAG
registered a robust 44.4% yoy (1.5% qoq) jump in its net profit to `45cr.
Further, higher-than-expected other income helped the company register
strong net profit growth. At `1,253, the stock is trading at 12.1x and 11.4x
CY2011E and CY2012E earnings, respectively. We maintain our Accumulate
view on the stock with a revised target price of `1,320.
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