B&K acquisition is a strategic fit for 360ONE as it will enhance its business in multiple ways: it will provide equity advisory to existing clients; corporate advisory of B&K will benefit from the product portfolio of 360ONE; and the corporate relationships of 360ONE will help to scale up the international business business. The deal is likely to be EPS-accretive by 3-5%.
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Motilal Oswal Report
360ONE Wam Ltd. maintains a strong position in the industry, reflected by robust flows and consistent performance. Diversification across client segments (mass affluent) and geography (lower-tier cities) is gaining traction, and its global platform has also seen green shoots.
The B&K acquisition will bring in many synergies and is expected to be 3-5% EPS-accretive.
We have cut our estimates by 2%/4% for FY26/FY27 to factor in the mark-to-market hit along with lower assumptions on growth in inflows.
We have not yet built in revenues/costs/dilution for the B&K acquisition. We retain our Buy rating with a one-year target price of Rs 1,250, premised on 34 times FY27E earnings per share.
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