Buy Mahindra CIE; target of Rs 330: ICICI Direct

ICICI Direct is bullish on Mahindra CIE has recommended buy rating on the stock with a target price of Rs 330 in its research report dated October 17, 2021.

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// else // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exists in your watchlist’); // //} } //$ (‘.accdiv’).html(”); //$ (‘.accdiv’).html(appndStr); } }, //complete:function(d){ // if(typparam1==1) // { // watchlist_popup(‘open’); // } //} }); }); } else { var disNam =’stock’; if($ (‘#impact_option’).html()==’STOCKS’) disNam =’stock’; if($ (‘#impact_option’).html()==’MUTUAL FUNDS’) disNam =’mutual fund’; if($ (‘#impact_option’).html()==’COMMODITIES’) disNam =’commodity’; alert(‘Please select at least one ‘+disNam); } } else { AFTERLOGINCALLBACK = ‘overlayPopup(‘+e+’, ‘+t+’, ‘+n+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function pcSavePort(param,call_pg,dispId) { var adtxt=”; if(readCookie(‘nnmc’)){ if(call_pg == “2”) { pass_sec = 2; } else { pass_sec = 1; } var url = ‘//www.moneycontrol.com/mccode/common/saveWatchlist.php’; $ .ajax({url:url, type:”POST”, //data:{q_f:3,wSec:1,dispid:$ (‘input[name=sc_dispid_port]’).val()}, data:{q_f:3,wSec:pass_sec,dispid:dispId}, dataType:”json”, success:function(d) { //var accStr= ”; 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ICICI Direct’s research report on Mahindra CIE

Mahindra CIE (MCI), part of the Spain-based CIE Automotive Group, is a multi-technology, multi-product automotive component supplier. CY20 consolidated revenue mix – Europe 52%, India 48% Forging is ~63% of consolidated sales (89% in Europe). India mix is more diversified; includes 25% from aluminium, 18%- stampings & 11%- castings In India it derives 40%, 32%, 16%, 5% of sales from PV, 2-W, tractors, M&HCV, respectively In Europe it derives 48%, 42%, 10% of sales from PV, MHCV, off highway, respectively

Outlook

We retain BUY on expected margin improvement & inexpensive valuations We introduce CY23E numbers; value MCI at 10x average CY22E-CY23E EV/EBITDA for revised target of Rs 330 (earlier target: Rs 290)

For all recommendations report, click here

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