Kotak Inst Eqt on Schaeffler
Downgrade to sell, TP Rs 2600
Co derives 75% of its rev from auto OEM & replacement segments, where expect industry vol to see 7-8% CAGR in medium-term, & with no major content growth drivers, achieving 19% rev CAGR seems challenging
Kotak Inst Eqt on Schaeffler
Downgrade to sell, TP Rs 2600
Believe strong medium-term growth opportunities are already priced in
While remain optimistic about growth potential in export market, reverse DCF analysis implies a domestic rev CAGR of 19% over CY2021-35E
