Thanks for articulating your thought process.
I agree with you at a certain level.
But where I would differ at a top-level thinking is Franchise Value in an Auto Tier 1 supplier. No doubt you can have consistent compounders here but its far more unlikely for various reasons which you no doubt are aware of.
ROCE / ROE and OPM will always be constrained as pricing benefits always have to be passed on.
Only way you have value add is if you are a consistent next generation tech provider like a Bosch or a Continental or even a Sona BLW now who innovates at the frontline and hence owns the IP stack. Even they struggle when winter sets in. No Tier 1 supplier in India owns tech first IP and are rather fast followers.
Again, this is not on Suprajit but overall Indian tier-1 story. Nothing wrong with owning it and making returns but none of them provide enduring consistent returns above ROCE on a CAGR basis.
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