Endurance Technologies (ETL), is an auto ancillary company with a presence in aluminium casting & machining, suspension, transmission & braking systems. ETL is the No. 1 aluminium die-casting company in India. The company has a strong presence in India (accounting for 67% of revenue) & Europe (31% of revenue) with 25 facilities in eight locations across India & Europe.

ICICIdirect has recommended 'Subscribe' to IPO of Endurance Technologies. Commenting on the investment rationale, the stock broker said, ''We believe ETL has a diversified product portfolio vis-à-vis its peers thus having an edge in terms of higher association with major OEMs.

The company has outperformed industry growth in the past with consistent free cash flow generation & strong return ratios (>20%). At upper price band of Rs 472, the stock is available at 22.9x on FY16 EPS of Rs 20.6. We believe ETL has a stable business model (strong customer base & diversified revenue) & financial performance. Hence we recommend SUBSCRIBE for the IPO.''

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