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

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

September 13, 2022 / 06:25 PM IST
 
 
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ICICI Direct's research report on Mahindra and Mahindra


M&M is a conglomerate with a presence in auto, IT, financial services, logistics, hospitality, real estate among others. At the standalone level, it is India’s largest tractor manufacturer (~40% FY22 market share) & second largest CV, fourth largest PV maker (24.7%, 7.4% FY22 market share, respectively). FY22 standalone revenue mix – ~62% automotive, ~34% tractors.



Outlook


We maintain BUY on M&M amid continued RoCE focus, proactive approach towards electrification and inexpensive valuations among peers. We value M&M at SOTP-based target price of Rs 1,590 (10x FY24E standalone EV/EBITDA; 30% holding company discount to investments, Rs 225/share value accrued pursuant to recently equity raise for electric PV arm).


More Info


At 17:30 Mahindra and Mahindra was quoting at Rs 1,299.95, up Rs 2.95, or 0.23 percent.


It has touched an intraday high of Rs 1,309.70 and an intraday low of Rs 1,291.15.


It was trading with volumes of 181,172 shares, compared to its thirty day average of 199,416 shares, a decrease of -9.15 percent.


In the previous trading session, the share closed down 0.30 percent or Rs 3.85 at Rs 1,297.00.


The share touched its 52-week high Rs 1,365.90 and 52-week low Rs 671.00 on 09 September, 2022 and 08 March, 2022, respectively.


Currently, it is trading 4.9 percent below its 52-week high and 93.59 percent above its 52-week low.


Market capitalisation stands at Rs 161,608.81 crore.


For all recommendations report, click here


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Mahindra & Mahindra - 130922 - icici

Broker Research
first published: Sep 13, 2022 06:25 pm