Motilal Oswal is bullish on MCX has recommended buy rating on the stock with a target price of Rs 1300 in its research report dated July 13, 2017
Motilal Oswal's research report on MCX
MCX’s 1QFY18 revenue declined 6% YoY to INR592m v/s our estimate of INR641m. Yield for the quarter declined 0.5%, driving revenue miss. Operating expenses were INR460m, in line with our estimate of INR462m. Consequently, EBITDA was INR132m (22.3% margin, -12.8pp YoY), below our estimate of INR169m. PAT of INR263m (below estimate of INR427m) was dragged further by lower other income of INR277m v/s estimate of INR312m.
We expect earnings CAGR of 28% over FY17-19. Our price target is INR1,300, which discounts forward earnings by 30x. Buy.
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