Feb 17, 2017 10:51 AM IST | Source: Moneycontrol.com
Hold Mahindra & Mahindra; target of Rs 1382: Arihant Capital
Arihant Capital recommended hold rating on Mahindra & Mahindra with a target price of Rs 1382 in its research report dated February 13, 2017.
Arihant Capital's research report on Mahindra & Mahindra
Net Revenue came at Rs 11,628 Crores, a growth of 1.1% on YoY basis. The gross revenue & other income of the combined entity for the quarter ended 31st December 2016 was Rs 11,778 cr as against Rs 11,607 cr in the corresponding quarter of previous year, a growth of 1.5%.
We value M&M based on SoTP valuations and we have a “HOLD” rating on the stock: We value the core business at Rs951 per share, based on 13 (x) FY18E PE(x) based on EPS of Rs 73. We have valued total investments (listed and unlisted) at Rs 431 per share, with a holding company discount of 30%. Our SoTP value for stock comes at Rs 1,382 per share.
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