Buy MCX; target of Rs 1100: Motilal Oswal

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Motilal Oswal' research report on MCX

MCX’s 3QFY18 revenue came in at INR610m, 2% below our estimate of INR621m, led by a slight decline in realization. Operating expenses  stood at INR475m, exceeding our estimate of INR453m by 5% due to one -off  expense (INR20m) toward events hosted by MCX in 3Q – excluding which  operational results were in line. PAT of INR188m (below our estimate of INR283m) was dragged lower, as other income of INR156m missed our estimate by 39% due to MTM losses on fixed income instruments.

Outlook

We expect earnings CAGR of 29% over FY18 -20. Our TP of INR1,100 discounts forward earnings by 30x.Buy.For all recommendations report, click here

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