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ICICI Securities Report
We initiate coverage on Dynamatic Technologies Ltd. with Buy rating and a target price of Rs 10,250/share (based on 45 times FY26E earnings per share). Key points:
Sole supplier of Flap Track Beams for Airbus' 86% order backlog;
largest gear pump supplier in the world with a well-diversified client mix;
healthy blend of complex machining of the west and superior engineering of the east;
recent order wins likely to propel Ebitda to two times FY23 by FY27E; and
likely to be a participant in domestic aerospace.
Going ahead, we expect aerospace and defence segment to be the earnings driver, resulting in Ebitda compound annual growth rate of 19% and Ebitda margin of 17-18% (last five-year average: 13%) through to FY27E.
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