Prabhudas Lilladher's research report on Mahindra and Mahindra
Mahindra and Mahindra hosted its first ever Investor Day for the Farm Equipment Sector (FES) at its Nagpur facility, with detailed presentations from all vertical/business heads in the FES on their medium to long term strategy. The management's key focus areas/targets for the FES segment are: A) Fortifying its position in the domestic tractor industry with 50% market share B) Global business to contribute 50% of overall consolidated FES revenues C) Developing specific implements for the domestic market.
Outlook
We maintain 'BUY' with a price target of Rs1,041, based on a core PE of 17x Mar'20E and value of subsidiaries at Rs281.
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