Buy Mahindra & Mahindra; target of Rs 1545: Edelweiss

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26 Aug, 2025 12:21

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Edelweiss' report onMahindra & Mahindra

In past 2-3 years, there has been a complete change in consumer preference for products (type of products, extent of comfort, design and styling, etc), and the method of buying (digitisation and virtual dealer concept can become a reality). Management indicated already dealership viability in metros is getting tough due to the high costs involved.

We estimate M&M to post core EPS CAGR of 16% over FY17-19, led by recovery in rural demand and uptick in UVs with new launches. We maintain ‘BUY/SO’ with SoTP-based TP of INR 1,545 (from INR 1,542 earlier) to reflect change in value of subsidiaries . At CMP (adjusting for subsidiary value), the stock trades at FY19E PER of 11x.

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