Daily Brief Industrials: Jardine Matheson Holdings, Hero Motors Limited, HEICO Corp and more

In today’s briefing:

Jardine Matheson (JM SP): Squeezing More Life Out Of The NAV
Hero Motors Pre-IPO Tearsheet
HEICO Corporation: Will The Acquisition of Capewell’s Aerial Delivery & Emergency Egress Divisions Be A Game Changer? – Major Drivers

Jardine Matheson (JM SP): Squeezing More Life Out Of The NAV

After publishing my insight (Jardine Matheson (JM SP): Trading “Cheap”) last week, my NAV calcs were called into question by some readers, when compared to street estimates.
Which is cool. I’m big enough to admit mistakes, where needed. So I’ve done some digging, including a back and forth with Jardine Matheson Holdings (JM SP).
The upshot? I have not lead you astray. You’ve been coming to the right place.

Hero Motors Limited (2313904Z IN) is looking to raise about US$110m in its upcoming India IPO. The deal will be run by ICICI, DAM Cap and JM Fin.
Hero Motors (HML) is an integrated powertrain systems provider offering comprehensive solutions for designing, prototyping, validating, developing, and delivering system-level transmission solutions for electric as well as nonelectric powertrains.
According to CRISIL, it was among the first companies in India to capitalize on the global e-bike powertrain opportunity and have a distinct first mover advantage in this industry.

HEICO Corporation’s third quarter fiscal 2024 results reveal a robust financial performance, with significant increases in consolidated operating income and net sales that set new records for the company.
The earnings call provided a comprehensive analysis of HEICO’s various segments and strategic initiatives, showing a strong trajectory in its core markets, underscored by recent acquisitions and expanded product lines.
Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

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