June 16, 2016 / 11:41 IST
Arihant Capital's research report on M&M
M&M’s Q4FY16 net revenues came at Rs 10,666cr, a growth of 13.3% on YoY basis. The gross revenue & other income of the combined entity for the quarter ended 31st March 2016 was Rs 11,689cr as against Rs 10,176cr in the corresponding quarter of previous year, a growth of 14.9%.
We value M&M based on SoTP valuations and we have a “HOLD” rating on the stock: We value the core business at Rs 987 per share, based on 17 (x) FY17E PE(x) based on EPS of Rs 58. We have valued total investments (listed and unlisted) at Rs 417 per share, with a holding company discount of 30%. Our SoTP value for stock comes at Rs 1,404 per share.
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