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Motilal Oswal Report
Angel One Ltd. is undertaking a change in its business model wherein incrementally the focus will be on gaining market share in the cash segment along with strong growth in distribution revenues over the next two-three years.
Growth in distribution segment will arise from loans, insurance and few other products.
We have cut our FY24/FY25/FY26 earnings estimates by 6.8%/5.2%/3% to factor in higher operating cost (employee and admin cost) on account of continued momentum in client acquisition and investments into new businesses.
We reiterate our 'Buy' rating on the stock with a revised target price of Rs 4,000 (premised on 20 times March-26E earnings per share).
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