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 initiate coverage on Mahindra CIE Automotive (MCIE) with a BUY recommendation and price target of Rs 475/share, implying an upside of 27% from the CMP.</li><li>Considering the market share gains in India and Europe, management’s focus on improving margin trends and its capability to generate strong operating cash flows, we believe the stock is currently trading at an reasonable 1-year forward consensus PE multiple of 13x against its long-term average of 15x.</li><li>We believe MCIE will continue to source capex funding from its robust internal operating cash flows as well as has a further deleveraging potential over FY23-25E, which will be value- accretive at the company’s bottom line.</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 initiate coverage on Mahindra CIE Automotive (MCIE) with a BUY recommendation and price target of Rs 475/share, implying an upside of 27% from the CMP.Considering the market share gains in India and Europe, management’s focus on improving margin trends and its capability to generate strong operating cash flows, we believe the stock is currently trading at an reasonable 1-year forward consensus PE multiple of 13x against its long-term average of 15x.We believe MCIE will continue to source capex funding from its robust internal operating cash flows as well as has a further deleveraging potential over FY23-25E, which will be value- accretive at the company’s bottom line.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.

Mahindra CIE - Market Share Gains & Profitability to Drive Growth