Financials Motilal Oswal Financial Services Limited

Equities

Delayed NSE India S.E. Other stock markets 12:23:47 2024-07-16 am EDT			5-day change	1st Jan Change
561.6 ^INR	+5.91%		+3.20%	+80.63%

Jul. 02	Lal Sweets Reportedly Looks to Raise $40 Million from PE Investors	CI
Jul. 02	INDIA STOCKS-Indian shares ease off record highs as auto, financials weigh	RE

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	87,714	73,597	91,608	129,677	90,292	316,612	-	-
Enterprise Value (EV) ¹	87,714	73,597	91,608	129,677	90,292	248,358	316,612	316,612
P/E ratio	30.1 x	40.7 x	7.55 x	9.84 x	9.74 x	10.2 x	14.3 x	13.2 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	3.56 x	3.12 x	2.53 x	3.02 x	2.16 x	3.51 x	4.13 x	3.9 x
EV / Revenue	3.56 x	3.12 x	2.53 x	3.02 x	2.16 x	3.51 x	4.13 x	3.9 x
EV / EBITDA	-	-	-	-	4.81 x	6.11 x	8.98 x	8.14 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	2.87 x	2.39 x	2.12 x	2.29 x	1.44 x	3.79 x	2.96 x	2.47 x
Nbr of stocks (in thousands)	582,721	592,267	586,481	596,252	591,789	597,044	-	-
Reference price ²	150.5	124.3	156.2	217.5	152.6	530.3	530.3	530.3
Announcement Date	5/11/19	5/11/20	4/29/21	4/28/22	4/27/23	4/26/24	-	-

¹INR in Million²INR

Estimates

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	24,627	23,576	36,256	42,968	41,771	70,678	76,743	81,134
EBITDA ¹	-	-	-	-	18,765	40,658	35,249	38,910
EBIT ¹	9,012	7,797	19,697	20,710	18,181	39,833	34,579	38,213
Operating Margin	36.6%	33.07%	54.33%	48.2%	43.52%	56.36%	45.06%	47.1%
Earnings before Tax (EBT) ¹	3,844	2,852	14,567	16,158	12,422	30,319	25,944	28,358
Net income ¹	2,940	1,834	12,454	13,098	9,317	24,411	22,084	23,814
Net margin	11.94%	7.78%	34.35%	30.48%	22.3%	34.54%	28.78%	29.35%
EPS ²	5.002	3.050	20.68	22.10	15.66	40.73	37.15	40.07
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-
Announcement Date	5/11/19	5/11/20	4/29/21	4/28/22	4/27/23	4/26/24	-	-

¹INR in Million²INR

Estimates

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	9.9%	5.97%	33.1%	25.8%	15.6%	15.7%	18.6%	17.8%
ROA (Net income/ Total Assets)	2.8%	1.78%	10.3%	8.44%	4.67%	-	-	-
Assets ¹	104,845	102,959	121,137	155,200	199,668	-	-	-
Book Value Per Share ²	52.40	52.10	73.60	95.10	106.0	140.0	179.0	215.0
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	5/11/19	5/11/20	4/29/21	4/28/22	4/27/23	4/26/24	-	-

¹INR in Million²INR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

530.3 INR

Average target price

597.2 INR

Spread / Average Target

+12.62%

	1st Jan change	Capi.
MOTILAL OSWAL FINANCIAL SERVICES LIMITED	+80.63%	3.79B
MORGAN STANLEY	+12.88%	171B
CHARLES SCHWAB	+9.11%	137B
CITIGROUP INC.	+26.63%	124B
CITIC SECURITIES COMPANY LIMITED	-9.38%	34.83B
RAYMOND JAMES FINANCIAL, INC.	+8.62%	25.1B
LPL FINANCIAL HOLDINGS INC.	+15.96%	19.72B
NOMURA HOLDINGS, INC.	+54.73%	17.85B
CSC FINANCIAL CO., LTD.	-21.01%	17.44B
CHINA MERCHANTS SECURITIES CO., LTD.	+4.11%	15.5B