Buy M&M Financial Services, target Rs 609: Anand Rathi

We have a buy coverage on M&M Financial with a target of Rs 609 based on 21.90x FY20E EPS of 27.80, says a report by Anand Rathi.

Mahindra & Mahindra Financial Services’ strength is vehicle financing which is showing good traction across products & geography. The company’s housing finance loan growth is expected to expand 18-20 percent CAGR. The main driver for improvement in RoA would be gradual increased share of SME business going ahead.


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M&M Financial will foray into financing two-wheelers and consumer durables. Normal monsoon, higher farm income and government spending will give boost to the company’s business.

The company has a strong rural and semi-urban area presence with 1284 offices covering 27 states and four union territories.

It has a healthy mix of vertical lending across products and geographic mix which reduces volatility and risk.

We have a buy coverage on M&M Financial with a target of Rs 609 based on 21.90x FY20E EPS of 27.80

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