Add Bosch, target price Rs 18390: ICICI Securities

ICICI Securities has add call on Bosch with a target price of Rs 18390. The current market price of Bosch Ltd. is Rs 17450.6. Time period given by analyst is one year when Bosch Ltd. price can reach defined target.

Bosch Ltd., incorporated in the year 1951, is a Large Cap company (having a market cap of Rs 51466.40 Crore) operating in Auto Ancillaries sector.

Bosch Ltd. key Products/Revenue Segments include Automotive Products, Sale of services, Rental Income, Others, Export Incentives, Scrap and Other Operating Revenue for the year ending 31-Mar-2022.


Financials
For the quarter ended 30-06-2022, the company reported a Consolidated Total Income of Rs 3601.00 Crore, up 5.80 % from last quarter Total Income of Rs 3403.60 Crore and up 41.63 % from last year same quarter Total Income of Rs 2542.50 Crore. Company reported net profit after tax of Rs 334.10 Crore in latest quarter.

Investment Rationale
The brokerage maintains ADD and value BOS on a DCF-based target price of Rs18,390 (earlier: Rs15,273), implying 25x FY24E earnings. Increase in price target is led by a combination of ~11% increase in FY24E earnings and rollover of DCF valuation.

Promoter/FII Holdings
Promoters held 70.54 per cent stake in the company as of 30-Jun-2022, while FIIs owned 3.56 per cent, DIIs 16.47 per cent.