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M M Forgings Ltd Research Report - 16th Dec 2015

Miscellaneous | Published on Mar 18th 2014

IT

MM Forgings (MMFL) is one of the largest exporters of forgings from India with a capacity of 40,000MT (exports contributed ~70.0% to the revenue in FY2013). It is engaged in the manufacturing of steel forgings, catering to the forging requirements of almost all sections of industry including Automotive, Valve and Oil-field, Engineering and Off Highway segments, with a focus on commercial vehicle (CV) industry which contributed ~76.0% to the total revenue in FY2013. The company is now focusing on improving its operational efficiencies and increasing capacity utilization, providing the company an immense potential to grow. On account of positive growth outlook and low valuation, we initiate coverage on the company with a Buy recommendation with a target price of Rs131 on a target PE of 4.0x FY2016E earnings.

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CMP 98
Target Price 131
Investment Period12 Months

Stock Info

MCAP BSE (Rs in Cr)503.92
MCAP NSE (Rs in Cr)510.44
P/E (x)11.27
EPS (Rs.)37.03
BV (Rs.)248.72
Div Yield (%)1.67
FV (Rs.)10.00
P/BV (x)1.68
EV/Sales (x)1.20
EV/EBITDA (x)5.13

Shareholding Pattern (%)

Promoter56.0
Public & Others29.0
Institution15.0
Corporate0.0
Foreign0.0
Grand Total100.0

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