CIE is a MNC. Buy for TP of Rs 710 (35% upside)

CIE is a MNC with 65.7% promoter holding. Its robust business model presents promising growth prospects. The stock is trading at an attractive valuation of 18.5x 2024E discounted P/E and 11x 2024E EV/EBITDA. We expect the stock to gradually re-rate to valuations like that of listed MNCs in the auto space: TP is 710 (35% upside): Nuvama