External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only.  Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Mahindra Cie Automotive / Equity Bottom-Up

<ul><li>We initiated our coverage of the company on April 12, 2023.</li><li>MCIE’s decision to hive off German Trucking is seen as a positive step, as this division has been weighing on the company’s EBITDA margins (3-5% vs. a 13-15% portfolio in CY22).</li><li>Following the spinoff, the EBITDA margins of the European business are expected to improve and accelerate the company's consolidated EBITDA towards the targeted 17-18%, which would be in line with the parent company’s CIE global operations. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We initiated our coverage of the company on April 12, 2023.MCIE’s decision to hive off German Trucking is seen as a positive step, as this division has been weighing on the company’s EBITDA margins (3-5% vs. a 13-15% portfolio in CY22).Following the spinoff, the EBITDA margins of the European business are expected to improve and accelerate the company's consolidated EBITDA towards the targeted 17-18%, which would be in line with the parent company’s CIE global operations. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CIE Automotive - Announced Sale of CIE Automotive's German Forging Operations