Buy Mahindra and Mahindra Financial Services: target of Rs 260: Sharekhan
Sharekhan is bullish on Mahindra and Mahindra Financial Services has recommended buy rating on the stock with a target price of Rs 260 in its research report dated March 19, 2021.
March 22, 2021 / 04:43 PM IST
Sharekhan's research report on Mahindra and Mahindra Financial Services
M&M Financial Services (MMFS) has evolved into a multi-product auto finance NBFC operating pan-India, having deep penetration and rural-centric strong network from being a vehicle financing arm for M&M earlier. Normalisation of credit costs and pick-up in AUMs in FY22E and FY23E would drive earnings and RoE. Stock trades at 1.8x / 1.7x FY2022E / FY2023E on standalone ABVPS; strong parent backing, strong and stable credit rating profile and high capital levels make business attractive.
We initiate coverage with a Buy and Price Target (PT) of Rs. 260.
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