ICICI Securities research report on Motilal Oswal Financial Services
Motilal Oswal’s (MOFSL) business performance improved in FY23 as seen from: (1) steady market share in derivatives, (2) improved mutual fund (MF) performance in select schemes, and (3) consistent growth with stable asset quality in the housing finance business, which also has a new MD now. Capital market momentum is likely to boost earnings and MTM value of investments.
Outlook
We maintain BUY on MOFSL with a revised target price of Rs943 (earlier Rs900) based on FY25E SoTP valuations (earlier FY24E). We assign 12/15/15/5/5x P/E on core PAT for broking and distribution/AMC/wealth management/PE&RE/investment banking respectively. We assign 0.7/1.2x P/B for capital market/affordable housing lending, respectively, and 1x on fund-based FY23 AUM. We apply an overall holding company discount of 20%.
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