Buy MM Forgings; target of Rs 925: ICICI Direct

ICICI Direct is bullish on MM Forgings recommended buy rating on the stock with a target price of Rs 925 in its research report dated August 23, 2021.

Broker Research

August 24, 2021 / 18:18 IST

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ICICI Direct's research report on MM Forgings

MM Forging (MMF) is a prominent forging player serving India, Europe and US markets (FY21 geographical mix - domestic 50%, exports 50%). FY21 segment mix - CV 75%, PV 18%, Others 7% 1.2 lakh MT per annum production capacity; FY21 utilisation at ~40%

Outlook

We value MMF at 16x PE on FY23E basis for a revised target price of Rs 925 per share (earlier target price Rs 790).

For all recommendations report, click here

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Broker Research

first published: Aug 24, 2021 06:18 pm

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