Motilal Oswal is bullish on Mahindra CIE recommended buy rating on the stock with a target price of Rs 165 in its research report dated October 21, 2020.
Motilal Oswal's research report on Mahindra CIE
Mahindra CIE (MACA)'s adverse operating performance in 3QCY20 was attributable to weaker revenue in India and restructuring cost in EU. While it is focusing on new orders / exports in India, it is also cutting cost to reduce breakeven points for the EU business. We marginally cut our CY21E EPS to factor in lower revenue growth. Maintain Buy, with TP of ~INR165 (13x Sep'22 consol EPS).
The stock trades at attractive valuations of 12.7x/10.3x CY21E/CY22E consol. EPS. Maintain Buy, with TP of ~INR165 (13x Jun'22 consol EPS).
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