ICICI Direct has given Buy recommendation for Minda Industries with a target price of Rs. 835 in its research report issued on Aug 17, 2021

ICICI Direct’s research report on Minda Industries

Minda Industries (MIL) is India’s largest maker of automotive switches, horns, seats & PV alloy wheels and third largest automotive lighting player. FY21 segment mix – 4-W 53%, 2-W 47%; switches, lighting, castings, horns and seats comprised 28%, 22%, 12%, 10% and 10% of sales, respectively History of vast outperformance vs. user industries riding on growth in kit value, new client and product additions & inorganic acquisitions

Outlook

We retain BUY rating amid healthy growth prospects, intact kit value focus We value the company at a revised target price of Rs 835 i.e. 38x P/E on average FY23E, FY24E EPS (previous target Rs 725)

 

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