ICICI Direct's research report on JM Financial
JM Financial (JM) is a diversified financial group engaged in various businesses providing a host of services including mortgage lending (wholesale and retail), distress asset management (ARC), investment banking, wealth management & securities (AWS) and AMC. On a consolidated basis, JM reported revenue at Rs 3343 crore and PAT at Rs 597 crore. The outstanding advance book was at Rs 15653 crore while ARC AUM was at Rs 13558 crore.
Outlook
Given the diversified business segment, we value JM using SOTP valuation and valuing business segments individually, we arrive at a target price of Rs 95 (10.7x FY25E consolidated EPS) and assign BUY rating to the stock. We expect a gradual pick-up in business momentum and earnings trajectory with the same getting reflected in valuation.
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