Mahindra CIE Automotive Ltd., incorporated in the year 1999, is a midcap company with a market cap of Rs 9376.59 crore operating in Engineering sector.
Investment rationale by Geojit: On the back of storng domestic outlook and new launches from the key customer will generate demands for its products. MCIE international buiness paints a positive stance for the company. We expect valuation to improve ahead due to better earnings outlook of 25%CAGR over CY17-19E. At CMP MCIE is trading at a P/E of 19.1x and 16.3x for CY18E and CY19E EPS, looks reasonable. We value at a P/E of 19x on CY19E with a revised target price of Rs 280 and maintain our ‘Buy’ rating.
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