GS on KPIT Tech
Buy, TP Rs 900
Acquires Technica Eng Gmbh
Technica’s CY21 Rev/EBITDA of EUR43m/EUR9mn represents 16%/17% of KPIT’s FY22 rev/EBITDA
On an EV/EBITDA basis, cash consideration for Technica implies 10x vs KPIT’s current 26x (TTM)
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