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Should investors look at M&M Finance to ride the rural recovery?

At 1x FY22e adjusted book without the value of the subsidiaries, M&M Finance offers downside protection

October 30, 2020 / 10:13 AM IST
Should investors look at M&M Finance to ride the rural recovery?

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Highlights - Rural sector making a strong comeback with improved farm cash flows - Company’s lending business in slow lane, so far, but expects to pick up - Troubled pocket identified, collection efficiency improves - Expects better asset quality performance - Well-funded NBFC to gain market share, cost rationalisation trigger for earnings - Valuation reasonable to ride the rural recovery Mahindra & Mahindra Financial Services (M&M Finance, CMP: Rs 121, Market Cap: Rs 14,993 crore), the niche NBFC from the M&M stable, has had a lacklustre...

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