Minda Corporation is one of the leading suppliers of locksets, wiring harness and instrument clusters in the Indian automotive market. We believe that the stock deserves to trade at higher multiples (compared to current levels 14/10x for FY22/23E) as we forecast EBITDA to grow at 50% CAGR over FY21- 23E and there will a significant improvement in cash flow generation and return ratio. The key catalysts that would drive stock re-rating are 1) wind up of its loss making KTSN business is structurally positive(significant saving in...