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>Our BUY recommendation is based on long-term growth potential in Indian and Mexican operations, led by increased capacities, further headroom for operational efficiencies and a healthy balance sheet.</li><li>However, due to the near-term headwinds such as a) Weakness in European/US business and b) Slower-than-expected ramp-up in Indian Operations, we lower our earnings estimate for CY24/25E.</li><li>CIEAUTO reported a weak set of numbers. Q4CY23 consolidated  Revenue/EBITDA/PAT was 4.8%/11.6%/ 8.9% below our estimates (5.2%/10.9%/14.8% below consensus estimates)</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>

Our BUY recommendation is based on long-term growth potential in Indian and Mexican operations, led by increased capacities, further headroom for operational efficiencies and a healthy balance sheet.However, due to the near-term headwinds such as a) Weakness in European/US business and b) Slower-than-expected ramp-up in Indian Operations, we lower our earnings estimate for CY24/25E.CIEAUTO reported a weak set of numbers. Q4CY23 consolidated  Revenue/EBITDA/PAT was 4.8%/11.6%/ 8.9% below our estimates (5.2%/10.9%/14.8% below consensus estimates)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 India Ltd - Q4CY23 Misses Estimates; Robust Growth Story Remains Intact