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India Equity Research Reports, IPO and Stock News
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RECO : BUY TP : Rs930
Investment Rationale
§ Existing product portfolio enjoys strong brand equity with higher share of rural/semi urban demand
§ New launches to provide volume momentum in FY12/FY13 as it has entered into new segments and products
have achieved reasonable success.
§ We expect value accretion from Ssangyong in FY13 as management streamlines operations and looks for
synergies. Pick up in volumes and strong cash flow generation are important near term positives in our view
Valuations
§ We value standalone business at Rs 725 (8x FY13 EV/EBITDA)
§ We value listed subsidiaries and Tech Mahindra at Rs 160 and MVML at Rs 45 (7.5x FY13 EV/EBITDA)
§ Strong potential for higher value from MVML exists as product ramp up happens and earnings visibility improves.
Also we believe there exists positive surprises on tractor business
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