NDTV Profit's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer NDTV Profit's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
We were positive on BSE Ltd.'s equity option revenue potential in August 2023 which led to our upgrade to 'Buy'. However, the subsequent tripling of the stock price led to our downgrade to 'Hold' in November 2023.
Yet, we believe Dec-23 volumes have set the possibility of an accelerated frontier for growth for BSE. Accordingly, we revise our estimates upwards leading to core profit after tax upgrade of 23/9% for FY24E/25E along with the introduction of FY26 estimates.
We upgrade the stock to 'Buy' with a revised target of Rs 2,686 (Rs 2,411 earlier) after rolling over to FY26E on a 35 times (40 times earlier, cut factoring a higher base now) FY26E core PAT of Rs 9.2 billion plus cash and 15% value of Central Depository Services India Ltd. post holding company discount of 20%. Risks include possible drop in volumes.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
