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Buy MM Forgings; target of Rs 1250: ICICI Direct

ICICI Direct is bullish on MM Forgings has recommended buy rating on the stock with a target price of Rs 1250 in its research report dated June 07, 2022.

June 07, 2022 / 02:08 PM IST
 
 
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ICICI Direct's research report on MM Forgings


MM Forgings (MMF) is a prominent forging player serving India, Europe and US markets (FY22 geographical mix – domestic ~46%, exports ~54%). FY22 segment mix – CV 85%, PV 10%, Others 5% • FY22 capacity utilisation at ~61%, capacity to surpass 1.2 lakh tonne in FY23.



Outlook


We retain BUY rating on the stock amid supportive macroeconomics, increasing share of machining in product profile & inexpensive valuations. Introducing FY24E, we now value MMF at 14x PE on FY24E basis for a revised target price of Rs 1250 per share (earlier target price Rs 1125).


For all recommendations report, click here

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first published: Jun 7, 2022 02:08 pm
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