Buy Mahindra and Mahindra: target of Rs 872: Sharekhan

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Sharekhan's research report on Mahindra and Mahindra

We believe these decisions are in line M&M’s commitment to achieve an 18% RoE by exiting loss-making subsidiaries and focusing on core businesses. We expect M&M to benefit from its leadership status in tractor space, strengthened position in LCV segment and steady market share gains in UV segment. Stock is attractively valued with a P/E multiple of 17.2x and EV/EBITDA multiple of 9x its FY2023E estimates; it trades at a discount to long-term average multiples.

Outlook

We maintain a Buy rating on M&M with unchanged price target of Rs. 872 considering key business decisions announced on January 1.

For all recommendations report, click here

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