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Motherson Sumi Systems Equity Research INDIA October 11, 2020 BSE Sensex: 40509 Motherson Sumi Systems BUY Maintained ICICI Securities Limited is the author and A closer look at SAMIL’s businesses Rs121 distributor of this report Motherson Sumi Systems (MSS) management hosted investors for an interaction on the top-10 businesses incubated under Samvardhana Motherson International Company update and (SAMIL), which is to be merged into MSS. earnings revision Key takeaways from the call Automobiles SAMIL has a total portfolio of 17-18 companies with 15 JV partners from six countries generating overall revenue of Rs28bn and 13.3% EBITDA in FY20 spread Target price: Rs158 across 50 facilities. The total capital invested in SAMIL (ex-of SMRPBV/MSSL) is ~Rs28bn. Earnings revision Top 10 businesses have witnessed a CAGR growth of 25% in the past five years, (%) FY21E FY22E clocked ~Rs24bn in revenue in FY20 (refer Table 1). Top 10 businesses generated Sales ↑ 4.6 ↑ 5.9 EBITDA ↑ 6.9 ↑ 7.0 RoCE of 23% and 17% in FY19/20, respectively. Interestingly, all business segments PAT ↑ 33.3 ↑ 5.6 have vastly experienced management teams with >10years association with Motherson group. Target price revision Management indicated 8 of the top 10 businesses are consistent dividend paying Rs158 from Rs126 companies, only metal solutions company (weak RoCE), which was recently Shareholding pattern established at the behest of the customer, is in growth phase. Dec Mar Jun SAMIL shared services provide centralised umbrella entity for M&A support, ‘19 ‘20 ‘20 Promoters 61.7 61.7 61.7 procurement support, compliance, audit and legal support, travel and facility Institutional construction management services to all businesses under MSSL and SAMIL. investors 29.0 29.1 29.0 MFs and others 10.7 10.2 11.0 SAMIL is currently ~5% of the overall MSSL business and the combined entity would FIs/Banks 1.7 2.2 2.2 be able to increase content per OEM as it leverages existing relationships. OEMs FIIs 16.6 15.7 15.8 Others 9.3 9.2 9.3 may gain via better value propositions as MSSL will continue to strongly integrate Source: BSE backwards. Price chart Table 1: Financial performance of top-10 subsidiaries and JVs 300 Name of Product/ Service Revenue (Rs mn) EBITDA (Rs mn) ROCE 250 Company FY19 FY20 FY19 FY20 FY19 FY20 200 MMLI Lighting 7,120 8,680 1,250 1,700 32% 39% MIND Services & IT soln. 3,960 4,200 380 270 26% 9% 150 (Rs) MSGI Metal solution 4,670 3430 420 150 8% -4% 100 MMAS Metal solution 1,730 1,490 190 120 7% -2% 50 MTTL Metal solution 1,710 1,390 460 240 21% 5% 0 Engineering & CTMIL 1,020 1,220 370 360 46% 32% Tooling Oct-17 Apr-18 Oct-18 Apr-19 Oct-19 Apr-20 Oct-20 VMTI Metal solution 1,010 1,110 80 90 35% 36% AIM Metal solution 860 930 170 150 32% 27% FMCEL Metal solution 970 770 140 70 16% 5% MTIL Services & IT soln. 660 710 120 160 92% 84% Total (Top 10) 23,720 23,930 3,580 3,310 23% 17% Share of SAMIL on aggregate 87% 85% 94% 89% basis Source: Company data, I-Sec Research Market Cap Rs382bn/US$5.2bn Year to Mar (Std) FY20 FY21 FY22E FY23E Reuters/Bloomberg MOSS.BO / MSS IN Revenue (Rs bn) 635.4 581.1 776.5 899.1 Shares Outstanding (mn) 3,157.7 Rec. Net Income (Rs bn) 12.1 4.8 26.0 35.3 52-week Range (Rs) 173/95 Rec. EPS (Rs) 3.8 1.5 8.2 11.2 Free Float (%) 38.3 % Chg YoY (24.7) (60.5) 442.2 35.7 Research Analysts: FII (%) 16.6 P/E (x) 31.2 78.9 14.6 10.7 Nishant Vass Daily Volume (US$/'000) 28,359 CEPS (Rs) 12.3 11.3 19.9 24.0 [email protected] Absolute Return 3m (%) 24.0 EV/E (x) 8.7 10.6 5.1 3.6 +91 22 6637 7260 Absolute Return 12m (%) 24.5 Dividend Yield (%) 1.3 1.0 2.9 3.8 Pratit Vajani [email protected] Sensex Return 3m (%) 10.5 RoCE (%) 9.3 4.1 17.6 20.8 +91 22 6637 7161 Sensex Return 12m (%) 7.3 RoE (%) 10.4 4.6 24.0 25.7 Please refer to important disclosures at the end of this report Motherson Sumi Systems, October 11, 2020 ICICI Securities Table 2: Overview of Top-10 subsidiaries and JVs MMLI MMAS MTTL MSGI CTMIL & MMDL Marelli Motherson Motherson Techno MS Global India Marelli Motherson Entity Name Auto Suspension Tools Ltd Automotive Lighting parts 50:50 JV b/w Marelli 75:25 JV b/w 100% ownership 100% ownership 50:50 JV b/w Marelli and SAMIL Motherson and Entity structure and SAMIL Sumitomo Electric Industries, Japan Shock absorber and Production and Body in White & Tooling parts Business Segment Automotive lighting suspension sales of cutting tools Frames for Chassis Shock absorber Solid carbide Cold stampings Cowl Strut assembly drills Hot stampings Cladding Gas lifter Polycrystalline Dashboard Steering damper diamond tools Console Head lamps Inserts Backdoor Key Products Rear and small Work holding Bumper lamps tools Tail lamp Advanced hole Int. trims deburring Door solutions Fender Reamers Grile Pune Pune Noida Chennai Chennai Manufacturing locations Sanand Sanand Bawal Manesar India India India Poland GCC Germany Italy Spain USA USA Sales Footprint India Australia Australia Indonesia South Africa Morocco Brazil Employee Strength 1800 320 250 700 Domestic Auto Daimler India Daimler Ashok Leyland Bajaj Auto Commercial Fiat Dacia Ford vehicles Ford Datsun Hero Moto Corp Myoung Shin Honda Cars Eicher Honda Cars India (MSI) Hyundai FCA FCA Hyundai Motors Renault Nissan Kia Ford Isuzu M&M Kia Mahindra GM Jai Maruti Suzuki Hyundai Maruti Suzuki Honda Maruti Suzuki Tata Motors Motherson Mahindra Export TVS Motors Renault Nissan Maruti Suzuki Datsun Non-Auto PSA Customer Base PSA FCA BHEL Skoda Renault Nissan GM Escorts Railway Tata Motors Skoda Meritor JCB India Toyota Volkswagen Paccar Kirloskar Volkswagen Suzuki PSA Pneumatic Tata Motors Renault L&T Heavy Engg. Toyota Siemens TAL Manufacturing ThyssenKrupp- Rothe Erde ZF Wind Power Revenue CAGR FY15-20: 33% FY15-20: 10% FY15-20: 9% FY18-20: 10% FY15-20: 10% EBITDA CAGR FY15-20: 51% FY15-20: 17% FY18-20: 62% ROCE (FY19/20) 39% 7% 21% 8% Source: Company data 2 Motherson Sumi Systems, October 11, 2020 ICICI Securities FMCEL VMTI MBSL MTIL AIM MIND Fritzmeier Valeo Motherson Motherson Matsui Anest Iwata Motherson Motherson Cabin Thermal Bergstrom HVAC Technologies India Motherson INfotech and Entity Name Engineering pvt. Commercial Solutions pct. Ltd. Limited Designs Ltd. vehicles India Ltd. 50:50 JV b/w 75:25 JV b/w 70.4% stake 50:50 JV b/w 51:49 JV b/w Entity SAMIL and 51:49 JV b/w Motherson and held by Matsui Japan and Anest Iwata and structure Fritzmeier, Valeo and SAMIL Sumitomo Electric Motherson, rest SAMIL SAMIL Germany Industries, Japan by SWS Air Compressors & Business Operator safety Hi-Tech global HVAC systems HVAC systems Plastics Paint coating Segment cabin solution IT services solutions Thermal Heater Truck HVAC Plastic processing Air Compressor ADM services Bus aircon Compact HVAC in Vacuum pump DEX Dash Controller Floor Mount Automotive E-Bus Infrastructure Fall over E-battery cooler HVAC Packaging compressor Services protection Truck Electric AC Extrusion Medical air unit ERP structure refrigeration Integrated Roof Healthcare Industry 4.0 Key Products Rollover Roof hatch mount HVAC Colling Global protection Ceiling Mount solutions Business structure HVAC Food Services processing Cloud Pharma Consulting Services Noida Manufacturing Kancheepuram, locations Chennai India India India SAARC GCC USA Middle East Germany Sales India Africa Japan Footprint Singapore UK Middle East Employee 300 150 300 1600 Strength John Deere Ashok Leyland Ashok Leyland ASB Indian railways Asahi Glass Preet tractors Daimler Caterpillara International Instruments Amtek Escorts GTVS CNH Pvt. Ltd. Research Ashok construction JCBL Escorts Ashirvad Pipes Associates Leyland Escorts Agri Mahindra JCB Pct. Ltd. KYB Conmat Bosch JCB MG Mahindra Hamilton India Pvt. Ltd. DuPont ACE Tata Marcopolo Sonalika Pvt. Ltd. Linde India Ltd. Eicher New Holland Volvo Eicher Tata Hitachi Nipro India Reliance Fiat CNH Corporation pvt. Industries Ltd. Honda Manitou Ltd. Schwing Stetter Isuzu Customer Terex Ventra Samvardhana Pvt. Ltd. JCB Base Mahindra Motherson Tata Motors L&T Tata Hitachi Suzuki Motors Maruti Suzuki Wirtgen Mahindra Liebherr Mitsubhishi Hyundai 3M BEMl Sumitomo Volvo Tata TAFE Yokohama Caterpillar Komatsu Revenue FY15-19: 19% FY15-20: 15% FY15-20: 24% FY15-20: 16% FY15-20: 19% CAGR EBITDA FY15-19: 23% FY15-20: 20% FY15-20: 62% FY15-20: 32% FY15-20: 12% CAGR ROCE 16% 36% 84% 27% 9% (FY19/20) Source: Company data 3 Motherson Sumi Systems, October 11, 2020 ICICI Securities Key highlights of top 10 subsidiaries and JVs MMLI: MMLI is no.3 external lighting player in the country, has the second largest global exterior lighting maker as JV partner (Marelli’s lighting division). MMLI is the leader in LED exterior lighting systems in India and is present in all major PV players (largest customer: MSIL). MMLI is also entering exports opportunities in regions like Brazil, Russia, Indonesia and Morocco. Currently, it derives ~57% revenues from front lighting and 24% from rear lamps. Domestic PV market may witness accelerated LED penetration, current ~30% share is expected to follow suit of global markets (e.g. Europe is ~85% LED). This shift is also marked with strong value increase (2.5-3.0x) vis-à-vis existing technologies (e.g. Halogen); MMLI, thus, would be well poised to capture growth in this segment.
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