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Motilal Oswal Report
Angel One Ltd., with the Rs 15 billion fund raise in place, is well positioned to grow business across key parameters such as client acquisition, orders and marginal trading facility book. Additionally, new segments such as loan distribution and fixed income product distribution should scale up in the near term.
Over the long term, asset management company and wealth management will start contributing to revenues.
We have raised our FY25/FY26 earnings per share estimates by 6%/8% to factor in the scale-up in business after the fund raise.
On the other hand, IPL-related expenses have led to a cut in our Ebitda margin estimates.
We reiterate our Buy rating on the stock with a revised target price of Rs 4,200 (premised on 20 times March-26E earnings per share).
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