M&M Rating
GS ON MAHINDRA & MAHINDRA : 31.05.2021
* MAINTAIN BUY TARGET: 993
* GS has a Buy rating on M&M with valuations attractive at current levels
* Q4 In-line; Fitter & Focused For Long term
* Margin Up 83 bps YoY, Underscoring Robust Cost Controls
* Preferred Pick In The PV/CV Space
* Valuations Attractive At Current Levels
UBS ON MAHINDRA & MAHINDRA : 31.05.2021
* MAINTAIN BUY TARGET: 1,030
* Q4 In-line; Intl Auto+FES To Breakeven By FY23
* Capex Will Limit Meaningful FCF Generation
* Maintain Buy On Improving Return Profile, Strong Outlook
UBS ON MAHINDRA & MAHINDRA : 31.05.2021
* Maintain BUY, Target at Rs 1,030/share
* Strong improvement in global ops; capex+investment still looks high
* Maintain Buy on improving return profile, strong auto growth
* Sales higher on high autos ASP; PAT miss due to one-off
