Hold M&M Finance, target price Rs 132: Emkay Global

Hold M&M Finance, target price Rs 132: Emkay Global
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Synopsis

Mahindra & Mahindra Financial Services Ltd., incorporated in the year 1991, is a Large Cap company (having a market cap of Rs 15512.08 Crore) operating in NBFC sector.

Promoters held 52.2 per cent stake in the company as of Sept 30, 2020, while FIIs held 21.4 per cent, DIIs 12.5 per cent and public and others 14 per cent.

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Emkay Global has given a hold rating to Mahindra & Mahindra Financial Services with a target price of Rs 132. The share price moved down by 0.44 per cent from its previous close of Rs 125.65. The stock’s last traded price is Rs 125.10.

Mahindra & Mahindra Financial Services Ltd., incorporated in the year 1991, is a Large Cap company (having a market cap of Rs 15512.08 Crore) operating in NBFC sector.

Financials
For the quarter ended 30-09-2020, the company reported a Consolidated sales of Rs 3035.11 Crore, down 0.70 % from last quarter Sales of Rs 3056.62 Crore and up 4.16 % from last year same quarter Sales of Rs 2913.97 Crore Company reported net profit after tax of Rs 364.90 Crore in latest quarter.

Investment Rationale
The brokerage is increasing EPS estimates by 7.1%/9.5% for FY22/23E, backed by improvement in operating efficiencies. It maintains credit cost estimates and continue to believe that uncertainty over asset quality would stay. It maintains Hold (EW in EAP) with a revised PT of Rs132 (Rs110 earlier), corresponding to ~1.2x P/March’23 BV.

Promoter/FII Holdings
Promoters held 52.2 per cent stake in the company as of Sept 30, 2020, while FIIs held 21.4 per cent, DIIs 12.5 per cent and public and others 14 per cent.

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