Buy Mahindra CIE; target of Rs 275: ICICI Direct

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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) • In India, it derives 37%, 31%, 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

Rolling over our valuation to CY23E, we now value MCI at 8x CY23E EV/EBITDA for revised target of Rs 275 (earlier target: Rs 245).

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