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M&MFIN Consensus Forecast

No. of reports in last year
5
No. of analysts
5
Average Consensus Forecast
2095.99
Consensus Potential
32.00%

M&MFIN Price Target Potential

BrokerageTargetPotential
ICICIdirect.com1603.50%
Nirmal Bang20323.94%
Prabhudas Lilladher9711.9598.41%
Sharekhan26040.62%
Geojit Financial Services145-6.48%

M&MFIN Targets in FrontPage Forums

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M&MFIN Ratings

Long term M&MFIN rating by FrontPage users
4.9/5 (7 Ratings)

5 M&MFIN share price target reports by brokerages below. See what is analyst's view on M&MFIN share price forecast, rating, estimates, valuation and prediction behind the target. You may use these research report forecasts for long-term to medium term for your investment or trades in 2020.
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M&MFIN Share Price Target

M&MFIN Share Price Target - Broker Reports - 2021

26-Apr-21
Price @ Call: 163.2
Target: 160
REDUCE
26-Apr-21
Price @ Call: 163.2
Target: 203
ACCUMULATE
25-Apr-21
Price @ Call: 179
Target: 9711.95
SELL
23-Mar-21
Price @ Call: 210.25
Target: 260
BUY

M&MFIN Share Price Target - Broker Reports - 2020

2-Nov-20
Price @ Call: 124.34
Target: 145
BUY
20-Jul-20
Price @ Call: 223.04
Target: 179
REDUCE
Seasonally weak Q1FY21 quarter saw severe asset quality deterioration (~100bpsYoY/75bpsQoQ spike), elevated provisioning (up 36%YoY/25%QoQ) and upcoming deep discounted rights issue (76% discount, 33% BV dilution). Said that, PAT was cushioned by partial stake sale gains from AMC business (Rs 61mn), operating leverage (38%YoY/18%QoQ decline) driven by one-offs and marginally better than expected NII (up 9%YoY/2%QoQ) buoyed partially by pent-up demand. While Mngt cites confidence in tractor, pre-owned and small vehicles financing, certain critical products (9% aggregator portfolio of overall car segment), critical rural housing business (16% NPA) and customer segments (59% under moratorium) should further weigh down on asset quality and earnings over FY21-22. Consequently, GNPA & credit costs estimates stand tweaked to 9.3% for FY21 (earlier 7%). While our estimates (EPS up by 6% for FY21 and 1-2% FY22-23E) sufficiently incorporate rural-led tractor and pre-owned recovery translating into better NII and anticipated higher other income, the same should stand offset by continued elevated provisioning (CC at 530bps FY21, 300bps FY22). Moreover, capital raising coming at a huge dilution is translating into low order RoEs (7-10%: FY22- 23E) at current expensive valuations (2xPABV FY23E). With structurally low return profile offering no respite, we reiterate REDUCE rating with SoTP target of Rs 179 (earlier Rs191) valuing core business at Rs 1.5x PABV as we rollover to Sep’22 estimates.
... Read more
29-Jan-20
Price @ Call: 369.96
Target: 425
BUY
Given headwinds in the auto sector, we cut our earnings estimates by ~15% and expect PAT trajectory at 13.4% CAGR in FY20-22E to Rs 2272 crore. Though a pick-up in advances is seen to be on moderate pace, margin improvement, widespread rural reach and steady efficiency remain positives. Dependence on rural economy is seen keeping asset quality movement volatile. With the stock trading at lower valuation multiple, we maintain our target price at | 425 per share with a BUY recommendation, valuing the core auto business at 2.4x FY22E ABV and ~Rs 40 as value for subsidiaries (post assuming 20% holding company discount).
... Read more
29-Jan-20
Price @ Call: 352
Target: 420
BUY
MMFS’ performance in FY20 is marred by weak growth in the underlying segment and risk aversion toward segments like NBFCs/SMEs. Given its parentage, it has been able to raise debt at reduced costs and thus improve margins. GNPL ratio increased meaningfully in 9MFY20 led by weak rural economy, but a stronger-than-expected rural recovery can provide a significant upside to earnings. We bake in credit cost of 1.7% in FY21 v/s 2.3% in FY20. We factor ~13% AUM CAGR with RoA/RoE of 2.2%/15% over the medium term. We cut our estimates by 5-6% to factor in higher- than-expected provisions. Buywith an SOTP-based TP of INR420 (Sep’21E based).
... Read more

M&MFIN Share Price Target - Broker Reports - 2019

4-Nov-19
Price @ Call: 357.5
Target: 412
BUY
24-Oct-19
Price @ Call: 333.79
Target: 417
BUY
2QFY20 saw slower growth (expected). Stable GS-III (7.2%) was creditable, partly aided by higher WOs. The dip in NIMs (to 6.9%) was disappointing and unexplained. Maintain BUY with a TP of Rs 417 (2.25x Sept-21E core ABV of Rs 178 +Rs 18 for MIBL).
... Read more
24-Oct-19
Price @ Call: 333.25
Target: 362
ACCUMULATE
We, therefore, incorporate elevated 200bps credit costs and avg 17% loan growth into our FY20-22 estimates. These pressures should offset the benefits that emerge from strong liability profile that today stands incrementally funded by ECBs and securitization (@ 8.3%) bringing in costsbenefits. Subsidiaries’ performance remain weak particularly rural housing witnessing continued spike in GNPAs. This should translate into structurally weak RoEs of 13% and RoAs of 1.9% by FY22E. We, therefore, reiterateACCUMULATE rating valuing the Co. at 1.8x PABV Sep’19 arriving at pricetarget of Rs362.
... Read more
17-Sep-19
Price @ Call: 331.2
Target: 396
BUY
There exists fair bit of optimism on demand revival from festive season given bountiful monsoons, Govt subsidy schemes and inventory correction in the industry. However, we remain cautious given poor visibility on auto demand recovery (loan traction), business vulnerability to rural stress and likelihood of credit quality risks (reflected partly in Q1FY20). Retain Accumulate despite inexpensive valuations (1.9x PABV FY21E).
... Read more
25-Jul-19
Price @ Call: 304.35
Target: 360
BUY
Valuation & Outlook: Given headwinds in auto sector, liquidity and asset quality pressure , we cut our earnings estimates by ~17% & 5% to | 1545 crore & | 2091 crore, respectively. However, we remain positive on the company due to widespread presence in the rural region, healthy AUM growth, strong management and adequate risk management with limited losses. However, on the back of management guidance of better recovery in H2FY20 due to expectation of improving scenario in rural India, we maintain our BUY recommendations but lower our target price to | 360 per share (earlier | 500), valuing core auto business at 2.1x FY21E ABV and add ~| 44 as value for subsidiaries like housing (marginal pressure in Maharashtra) with 20% holding company discount. Near term headwinds are likely to keep the stock under pressure though longer term trend remains intact.
... Read more
25-Jul-19
Price @ Call: 304.35
Target: 400
BUY
Valuation view: Despite a slowdown in OEM volumes, MMFS has been able to deliver strong AUM growth, driven by its diversification into new product segments (such as pre-owned vehicles and CV/CE) and increasing share in different OEMs. While the company is likely to gain market share, we expect AUM growth to moderate to 14% YoY by year-end. Asset quality performance has been in line with expectations; however, upfronting of provisions on stage 3 assets and movement within stages 1-3 of loans (based on macros) are likely to keep credit costs volatile. We cut our estimates for PPoP by 5-7% and PAT by 15-18% to factor in higher credit costs. Maintain Buy with a target price of INR400 (SOTP-based).
... Read more
25-Jul-19
Price @ Call: 304.35
Target: 390
BUY
Outlook and valuation: Strong franchise; maintain ‘BUY’ Post strong Q4FY19, Q1FY20 was disappointing. While Q1 is a seasonally soft quarter and one should not extrapolate, uncertainty on sustainability of growth momentum (monsoon advent and underlying sales pressure) will weigh on valuation. That said, franchise strength and strong relationships will help MMFS. We maintain ‘BUY/SP’
... Read more
26-Apr-19
Price @ Call: 413.56
Target: 504
BUY
Better than expected improvement in asset quality (GNPAs: ~5.9%) and provision reversals (~Rs 1.15bn) drove PAT (+95/88%). Maintain BUY with a TP of Rs 504 (2.75x Mar-21E ABV of Rs 177 + Rs 18 for MIBL). A sustained and relentless focus on collections translated into sustained asset quality improvement. Vulnerability to rural stress persists, although reducing. The impact of upcoming elections and monsoon are key monitorables. In spite of continued mkt share gains and subdued competition from smaller NBFCs, we expect lackluster auto growth to impact MMFS.
... Read more
25-Apr-19
Price @ Call: 421.92
Target: 500
BUY
Given widespread presence in rural region and focus of auto players towards rural areas augurs well for MMFS. Management has guided higher than industry growth ahead. Valuation is seen to remain intact led by - 1) healthy AUM growth, 2) pricing power evident from pass through of higher CoF, 3) strong management and 4) adequate risk management with limited losses. However, vulnerability to rural vagaries of monsoon cannot be ruled out. We value core auto business at 2.5x FY21E ABV (1.8x FY21E BV) and add Rs 52 as value for subsidiaries like housing that is picking up pace. Assuming 20% holding company discount in lieu of subsidiaries, we maintain our BUY rating and a target price of Rs 500 per share.
... Read more
25-Apr-19
Price @ Call: 433.2
Target: 527
ACCUMULATE
We envisage RoAs stabilizing at 2.4% and RoEs climbing to 17.5% over FY20-21E led by (a) strengthening market positioning across key products and sustained rural uptick that can put up 22% AUM growth (FY21E) (b) focus on higher yielding product mix and maintaining pricing power leading to 8.5% NIMs (c) improving asset quality with GNPAs declining to 5% and credit costs restricting to <2% by FY21E. Improved EPS CAGR translates into slight uptick in target price to Rs 527 (earlier Rs 519) valuing MMFS at 2.7x FY21 ABV inclusive of subsidiaries’ value of Rs 59, however, we reiterate ACCUMULATE rating as the stock remains susceptible to cyclical and event based headwinds on the rural side.
... Read more
15-Mar-19
Price @ Call: 426.2
Target: 500
BUY
Buoyancy in rural India and MMFS’ focus on rural financing are expected to support valuations. MMFS has ingredients to sustainably command premium valuation - 1) rural reach providing huge opportunity with pricing power, 2) robust AUM growth (AUM, earnings CAGR of 20%, 25%, respectively, in FY18-21E), 3) higher rural income led by farm loan waivers and cash flow receipt during election, 4) strong management and 5) adequate risk management with limited losses. We value core auto business at 2.6x FY21E ABV (1.8x FY21E BV) and add | 50 as value for subsidiaries like housing that is picking up pace. Assuming 20% holding company discount in lieu of subsidiaries, we initiate coverage with BUY recommendation and a target price of Rs 500 per share.
... Read more
1-Mar-19
Price @ Call: 409.12
Target: 487
BUY
We expect MMFSL’s AUM to grow at a CAGR of 18% over FY18-21E mainly led by higher growth in used vehicles and CV & CE segments. We expect net profit to increase at a CAGR of 31% over FY18-21E and estimate RoA/RoE to expand to 2.5%/16.2% by FY21E driven by lower provisioning on account of higher recoveries in rural business. Hence, we upgrade our rating to ‘BUY’ from ‘Hold’ on the stock with a similar TP of Rs487 (SOTP).
... Read more
28-Jan-19
Price @ Call: 423.1
Target: 518
BUY
28-Jan-19
Price @ Call: 423.1
Target: 498
BUY
27-Jan-19
Price @ Call: 417.39
Target: 514
ACCUMULATE

M&MFIN Share Price Target - Broker Reports - 2018

18-Dec-18
Price @ Call: 459.13
Target: 487
HOLD
25-Oct-18
Price @ Call: 401.35
Target: 550
BUY
24-Oct-18
Price @ Call: 373.2
Target: 516
ACCUMULATE
10-Sep-18
Price @ Call: 449.88
Target: 650
BUY
10-Sep-18
Price @ Call: 460.35
Target: 501
ACCUMULATE
31-Jul-18
Price @ Call: 511.31
Target: 390
SELL
31-Jul-18
Price @ Call: 513.3
Target: 590
BUY
31-Jul-18
Price @ Call: 513.3
Target: 600
BUY
13-Jul-18
Price @ Call: 474.1
Target: 625
BUY
11-Jul-18
Price @ Call: 481.45
Target: 553
BUY
21-Jun-18
Price @ Call: 484.75
Target: 609
BUY
14-May-18
Price @ Call: 502.05
Target: 553
BUY
26-Apr-18
Price @ Call: 508
Target: 600
BUY
26-Apr-18
Price @ Call: 508
Target: 553
ACCUMULATE
24-Jan-18
Price @ Call: 494.35
Target: 530
ACCUMULATE

M&MFIN Share Price Target - Broker Reports - 2017

22-Dec-17
Price @ Call: 475.3
Target: 562
BUY
30-Oct-17
Price @ Call: 422.65
Target: 500
BUY
27-Oct-17
Price @ Call: 420
Target: 443
HOLD
26-Oct-17
Price @ Call: 408.85
Target: 481
BUY
18-Sep-17
Price @ Call: 431.2
Target: 480
BUY
18-Aug-17
Price @ Call: 420.35
Target: 363
REDUCE
25-Apr-17
Price @ Call: 340
Target: 400
BUY
26-Apr-17
Price @ Call: 340
Target: 374
BUY
24-Jan-17
Price @ Call: 278
Target: 250
SELL
24-Jan-17
Price @ Call: 277
Target: 323
BUY
25-Jan-17
Price @ Call: 277
Target: 333
BUY
24-Jan-17
Price @ Call: 277.7
Target: 390
BUY
24-Jan-17
Price @ Call: 278
Target: 320
HOLD

M&MFIN Share Price Target - Broker Reports - 2016

28-Oct-16
Price @ Call: 365
Target: 373
ACCUMULATE
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  • M&MFIN Share Price Target Today- Technical Pivot Points (Classic)

    keyboard_arrow_down
    Upside Target 3159.48
    Upside Target 2158.22
    Upside Target 1156.18
    Pivot154.92
    Downside Target 1152.88
    Downside Target 2151.62
    Downside Target 3149.58
  • M&MFIN Share Price Target weekly- Technical Pivot Points (Classic)

    keyboard_arrow_down
    Upside Target 3168.1
    Upside Target 2164.65
    Upside Target 1159.4
    Pivot155.95
    Downside Target 1150.7
    Downside Target 2147.25
    Downside Target 3142
  • M&MFIN Share Price Target monthly- Technical Pivot Points (Classic)

    keyboard_arrow_down
    Upside Target 3188.9
    Upside Target 2181.4
    Upside Target 1169.25
    Pivot161.75
    Downside Target 1149.6
    Downside Target 2142.1
    Downside Target 3129.95
  • M&MFIN Share Price Target today- Technical Pivot Points (Fibonacci)

    keyboard_arrow_down
    Upside Target 3158.22
    Upside Target 2156.96
    Upside Target 1156.18
    Pivot154.92
    Downside Target 1153.66
    Downside Target 2152.88
    Downside Target 3151.62
  • M&MFIN Share Price Target weekly- Technical Pivot Points (Fibonacci)

    keyboard_arrow_down
    Upside Target 3164.65
    Upside Target 2161.33
    Upside Target 1159.27
    Pivot155.95
    Downside Target 1152.63
    Downside Target 2150.57
    Downside Target 3147.25
  • M&MFIN Share Price Target monthly- Technical Pivot Points (Fibonacci)

    keyboard_arrow_down
    Upside Target 3181.4
    Upside Target 2173.89
    Upside Target 1169.26
    Pivot161.75
    Downside Target 1154.24
    Downside Target 2149.61
    Downside Target 3142.1
SOURCE: Data from D'Market via Quandl. Intraday data delayed 15 minutes.
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