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Buy Mahindra and Mahindra; target of Rs 1590: ICICI Direct

ICICI Direct is bullish on Mahindra and Mahindra recommended buy rating on the stock with a target price of Rs 1590 in its research report dated November 13, 2022.

November 22, 2022 / 07:53 PM IST
 
 
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ICICI Direct's research report on Mahindra and Mahindra


Mahindra & Mahindra (M&M) is a conglomerate with a presence in auto, IT, financial services, logistics, hospitality and real estate among others. At standalone level it is India’s largest tractor manufacturer (41.5% H1FY23 market share) second largest CV, fourth largest PV maker (27%, 8.7% H1FY23 market share). FY22 standalone revenue mix – ~62% automotive, ~34% tractors.


Outlook


We retain BUY rating on the stock amid sturdy demand prospects across M&M’s product profile, record order-book, firm commitment towards the EV space and gross margin expansion on the anvil starting Q2FY23. We value M&M at SOTP-based unchanged TP of Rs 1,590 (8.5x FY24E standalone EV/EBITDA; 30% hold company discount to investments, Rs 225/share value accrued pursuant to recently equity raise for electric PV arm).


For all recommendations report, click here


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Mahindra & Mahindra - 14 -11-2022 - icici

Broker Research
first published: Nov 22, 2022 07:53 pm