We value the stock Rs. 560 (18x FY20E EPS) and recommend to BUY. JBM Auto (JBMA), which makes sheet metal (body-in-white and chassis), tools and dies is likely to continue delivering strong earnings growth, helped by i) faster growth in PV's segment, ii) growing revenue pie from Ford, Tata Motors, M&M;, RE and VECV, and iii) benefits of oplev. During 9MFY18, consolidated EBITDA and APAT jumped 20/23%, respectively owing to strong traction in its core business (sheet metal) and revival of JVs profitability (especially from MA Automotive owing to acquisition of new business of Jeep Compass from Fiat).