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ICICI Securities Report
Motilal Oswal Financial Services Ltd.'s valuations have become attractive considering its trading at five times FY24E core price/earnings multiple which excludes investment income and the investment book as well as high implied holding company discount of 45% basis current market capitalisation and our assigned SOTP valuation multiples.
Furthermore, the company's efforts towards improving its broking volume share and assets under management performance, increasing wealth management AUM through expanding raw material pool, and growing housing finance company portfolio sustainably and profitably, could potentially provide tailwinds to earnings.
We assign 12/15/15/5/5 times P/E on core PAT for broking and distribution / AMC / wealth management / PE&RE / investment banking, respectively.
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