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Accumulate Max Financial Services; target of Rs 784 : Dolat Capital Market

Dolat Capital Market recommended accumulate rating on Max Financial Services with a target price of Rs 784 in its research report dated December 30, 2020.

December 30, 2020 / 04:33 PM IST
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Dolat Capital Market's research report on Max Financial Services

Traditionally a Par player, MAXLIFE has significantly diversified its product mix and has made significant strides to capture the protection and non-par segment. MAXF has been able to build a strong franchise with a profitable agency channel. AXIS bank transaction will also give more comfort to the renewal on the bancassurance tie-up which is due to expire in September 2021. MAXF has already delivered strong growth thus far and we believe stock price largely reflects the positives from the AXIS deal as well as top-line growth.


As most positives are already factored in, we initiate with an ACCUMULATE rating with TP of Rs784, implying a FY-22E P/EV of 1.9x. The stock currently trades at a FY22 P/EV of 1.6x.

For all recommendations report, click here


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Broker Research
first published: Dec 30, 2020 04:33 pm
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