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Mahindra & Mahindra (MAHM.BO)
Research Tactical Idea
We believe the share price will rise relative to the country index over the next 60 days.
This is because of an earnings release. M&M reported a strong set of numbers with adjusted EBITDA being 10% ahead of
our estimates. On a sequential basis the automotive EBIT margins expanded while farm equipment EBIT was stable at
17.1%. Overall the standalone revenues, EBITDA and net income posted 20%, 10% and 20% YoY growth, respectively.
Non core operations also posted EBIT growth of 52% QoQ. We saw strong numbers across segments and remain postive
on the outlook.
We estimate that there is about a 70% to 80% or "very likely" probability for the scenario.
Estimated probabilities are illustrative and assigned subjectively based on our assessment of the likelihood of the
scenario.
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