Buy Minda Industries; target of Rs 835: ICICI Direct
ICICI Direct is bullish on Minda Industries has recommended buy rating on the stock with a target price of Rs 835 in its research report dated August 17, 2021.
August 19, 2021 / 01:16 PM IST
ICICI Direct's research report on Minda Industries
Minda Industries (MIL) is India’s largest maker of automotive switches, horns, seats & PV alloy wheels and third largest automotive lighting player. FY21 segment mix – 4-W 53%, 2-W 47%; switches, lighting, castings, horns and seats comprised 28%, 22%, 12%, 10% and 10% of sales, respectively History of vast outperformance vs. user industries riding on growth in kit value, new client and product additions & inorganic acquisitions
We retain BUY rating amid healthy growth prospects, intact kit value focus We value the company at a revised target price of Rs 835 i.e. 38x P/E on average FY23E, FY24E EPS (previous target Rs 725)
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