External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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 Logistics Ltd / Equity Bottom-Up

<ul><li>ICICI Securities research report onMahindra Logistics Mahindra Logistics’ (MLL) Q4FY24 EBITDA was slightly above our estimates and marginally below street’s expectations.</li><li>Key points: 1) Overall performance improved QoQ (EBITDA margin of 3.9% in Q4FY24 vs 3.7% in Q3FY24), 2) express business EBITDA-level loss narrowed to INR 148mn (INR 224mn in Q3FY24) and may turn breakeven positive (EBITDA positive) by Q2FY25; 3) EBITDA in contract logistics declined due to under-utilisation of new capacity; 4) freight forwarding business was impacted by industry headwinds; 5) Board has recommended a final dividend of INR 2.5/share for FY24 and 6) company has maintained its aspiration of INR 10bn revenue and RoE of 18% by FY26. Based on management guidance, we have marginally increased our FY25/26E EBITDA by 0.5%/4.4%, though we have retained the multiple at 32x (FY26E EPS).</li><li>Outlook We maintain HOLD rating on the stock with a revised TP of INR 432 (earlier INR 395).</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>

ICICI Securities research report onMahindra Logistics Mahindra Logistics’ (MLL) Q4FY24 EBITDA was slightly above our estimates and marginally below street’s expectations.Key points: 1) Overall performance improved QoQ (EBITDA margin of 3.9% in Q4FY24 vs 3.7% in Q3FY24), 2) express business EBITDA-level loss narrowed to INR 148mn (INR 224mn in Q3FY24) and may turn breakeven positive (EBITDA positive) by Q2FY25; 3) EBITDA in contract logistics declined due to under-utilisation of new capacity; 4) freight forwarding business was impacted by industry headwinds; 5) Board has recommended a final dividend of INR 2.5/share for FY24 and 6) company has maintained its aspiration of INR 10bn revenue and RoE of 18% by FY26. Based on management guidance, we have marginally increased our FY25/26E EBITDA by 0.5%/4.4%, though we have retained the multiple at 32x (FY26E EPS).Outlook We maintain HOLD rating on the stock with a revised TP of INR 432 (earlier INR 395).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 Logistics - Improved QoQ Performance