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Buy Mahindra CIE; target of Rs 245: ICICI Direct

ICICI Direct is bullish on Mahindra CIE recommended buy rating on the stock with a target price of Rs 245 in its research report dated February 24, 2022.

February 24, 2022 / 04:28 PM IST
 
 
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ICICI Direct's research report on Mahindra CIE


Mahindra CIE (MCI), part of the Spain-based CIE Automotive Group, is a multi-technology, multi-product automotive component supplier. • CY21 consolidated revenue mix – Europe 49%, India 51% • Forging is ~59% of consolidated sales (86% in Europe). India mix is more diversified; includes 22% from aluminium, 21%- stampings & 12%- castings • In India it derives 37%, 33%, 16%, 8% of sales from PV, 2-W, tractors, M&HCV, respectively • In Europe it derives 36%, 39%, 9% of sales from PV, MHCV, off highway, respectively.



Outlook


We retain BUY on steady growth prospects & inexpensive valuations. We value MCI at 9x average CY22-23E EV/EBITDA for revised target of Rs 245 (earlier target price: Rs 330)

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At 16:01 hrs Mahindra CIE Automotive was quoting at Rs 189.40, down Rs 6.35, or 3.24 percent.


It has touched an intraday high of Rs 196.55 and an intraday low of Rs 180.10.


It was trading with volumes of 34,366 shares, compared to its thirty day average of 23,678 shares, an increase of 45.14 percent.


In the previous trading session, the share closed down 1.86 percent or Rs 3.70 at Rs 195.75.


The share touched its 52-week high Rs 311.65 and 52-week low Rs 148.30 on 16 November, 2021 and 22 April, 2021, respectively.


Currently, it is trading 39.23 percent below its 52-week high and 27.71 percent above its 52-week low.


Market capitalisation stands at Rs 7,179.73 crore.


For all recommendations report, click here


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first published: Feb 24, 2022 04:28 pm
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