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Dolat Capital Report
The brokerage firm Dolat Capital has maintained Buy rating on One 97 Communicationsl Ltd. with a DCF based target price of Rs 2,240, implying a potential upside of 25% from the reports current market price of Rs 1,790.
The brokerags believes that UPI merchant discount rate provides a meaningful earnings tailwinds as the new framework provides opportunity for revenue for Paytm from both consumer side (market share of ~6.5%) as well as revenue share opportunities from banks on merchant acquirer side (~21.5% market share), resulting in overall incremental revenue ranging from Rs 700 crore to Rs 950 crore (this varies as sharing of MDR with TPAP would be negotiated).
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Overall, Dolat Capital has raised FY27E/FY28E earnings estimates by 13.6%/29.6% respectively, and introduce FY29E estimates with earnings per share of Rs 45 (+25% YoY).
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