We see 23% revenu e CAGR, 31% EBITDA and 26% PAT CAGR over the same period, led by Mahindra World Clusters at Jaipur and Chennai and higher sales from its residential units. The stock trades at ~15x FY20E earnings and ~1x FY20 book value. Based upon ~1.4x price/book and ~18x FY20 earnings, we have arrived to TP of Rs 565. We recommend Mahin dra Life as BUY at CMP of Rs 457, and add on dips to Rs 414 with TP of Rs 565 over the next 4-6 quarters.
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