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HDFC Securities Institutional Equities
BSE Ltd.'s stock is up 86% in the last six months, led by market share gains, and it is currently trading at a price/earning of 38/30 times FY25/26E versus five year average one year forward P/E ~21 times.
Our base case assumes an 11% premium market share, revenue/profit after tax compound annual growth rates of 44/57% over FY23-26E and a core multiple of ~40 times resulting in a ~24% upside.
The bull case assumes a 15% premium market share, 52/67% revenue/profit after tax compound annual growth rates over FY23-26E and 45 times multiple, resulting in a ~66% upside from current market price.
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