Multiple vertical counts are already active which imply a move above Rs 2,000 over the next six months, translating to a minimum upside of 35 percent. In a bull case scenario, the stock is expected to surpass Rs 2,200, say experts.
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Endurance Technologies Ltd, which has almost doubled since June 1, 2020, gained by about 15 percent in May and moe than 10 percent in 2021. The stock is trading just 4 percent away from its 52-week high of Rs 1,540 recorded on February 24
Endurance Technologies that has a market capitalisation of more than Rs 20,000 crore could well hit Rs 2,000 going by the chart patterns, translating into an upside of about 35 percent from current levels. In a bull case scenario, the gain could be closer to 50 percent, experts said.
The stock closed 0.3 percent lower on June 2 at Rs 1,483.
“On P&F (Point & Figure) chart, recovery move from April 2020 has seen stock printing multiple bullish anchor columns. Following such pattern, bullish follow-through moves are seen, resulting in continuation of pullback,” Pritesh Mehta, Lead Technical Analyst-Institutional Equities, Yes Securities said.
A point & figure chart plots the price movement of the underlying stock without taking into consideration the passage of time.
“Since October, retracement moves have been shallow as the stock has reversed from its 10-column average. Since the week of May 2021, bear trap variation has led to a reversal in price, the same coincides with 3-column bullish triangle breakout,” he said.
Mehta added that if the stock sustains above three-digit Gann number of 151(0), it would result in a shift in orbit on the upside as per Gann parlance, which implies a continuation of recent momentum.
Gann Theory is used to predict the movement of prices. Experts use the Gann angle to forecast support and resistance levels.
“Multiple vertical counts are already active which implies a move above Rs2,000 in next 6-months (translating in a minimum upside of 35 percent). In the bull case scenario, the stock is expected to surpass Rs2,200,” explains Mehta.
Fundamental View
Endurance Technologies reported a 75 percent year-on-year (YoY) rise in the net profit for the quarter ended March 2021 to Rs 187 crore in May. The consolidated revenue surged by 34 percent on a YoY basis to Rs 2133 crore supported by a jump in domestic and European operations respectively.
Endurance Technologies is one of the leading automotive component manufacturers, having a diversified portfolio of technology-intensified products with operations both in India and Europe (Italy and Germany), according to the company website.
Most brokerage firms maintained their buy rating on the stock. Indsec Securities & Finance maintains a buy rating with a target of Rs 1627.
“Endurance (ENDU) managed to score well in FY21 led by positive FCF and healthy return ratios despite the two-wheeler industry facing headwinds. Going forward, we expect ENDU to grow faster than the two-wheeler industry led by slew of new product launches, diversified product mix and focus towards new customer additions,” the report said.
“We expect ENDU to deliver revenue/EBITDA/PAT CAGR of 18%/28%/33% over FY21-23e. At CMP of Rs 1397, the stock trades at 26.6x/21.5x PER and 12.8x/10.1x EV/EBITDA on FY22e/23e on our estimates,” the note added.
Axis Securities maintains a “buy” rating with a target of Rs 1664. ENDU can ride the premiumization theme among 2Ws and its increasing content per vehicle with the introduction of value-added products.
“We expect ENDU to post Revenues/EBIDTA/PAT growth of 11%/14%/15%CAGRrespectively over FY20-23E. We maintain a BUY rating on the stock and value it at 28x FY23E to arrive at a target price of Rs1,664,” it said.
Prabhudas Lilladher also maintains a buy rating with a target of Rs 1,615. “We believe ENDU will be able to navigate current raw material headwinds led by i) focus on increasing aftermarket mix to ~10% (v/s 6.5% currently), ii) increasing capacity of high value-added products like disk brakes, alloy wheel & tyre trading and iii) operating leverage,” it said.
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