Motilal Oswal 's research report on Mahindra and Mahindra
Mahindra & Mahindra (MM)'s 4QFY20 performance beat was led by a better mix and lower RM cost. While MM's core business would recover faster, the focus on tightening capital allocation could act as a rerating catalyst.
Outlook
We upgrade FY21/FY22E EPS by 8%/2% to reflect an improving mix. An improving core business and possible course correction on capital allocation would drive stock performance as valuations are still cheap. Buy, with TP of ~INR585.
Mahindra and Mahindra 15062020
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