Minda Corp INITIATING COVERAGE By Kotak Institutional Equities Research

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December 11, 2015 at 8:46 pm #2590

Vidhi Khanna
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We initiate coverage on Minda Corporation with a BUY rating and target price of ₹110 based on 15X September 2017E EPS. We expect Minda to deliver 25% earnings CAGR over FY2016-20E led by (1) market share gains across both wiring harness and locksets businesses and (2) new product development for existing customers. The company’s return ratios are likely to improve over the next three years. Valuations are relatively inexpensive at 14.3X FY2017E EPS given decent growth prospects and improvement in RoE.

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