360 ONE has seen a complete transformation from a distribution-led model to a strong advisory proposition (40% of wealth management AUM). Recurring revenue (ARR) as a % of overall revenue has increased to over 70%, indicating improving earnings quality.
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Motilal Oswal Report
360 ONE WAM Ltd. offers a compelling structural growth story anchored in India's expanding wealth and asset management market. The company continues to drive strong gross flows across both wealth and asset management, which is likely to be supported by the onboarding of new teams.
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The B&K acquisition and UBS collaboration have enhanced the company's international footprint, broadened client access, and strengthened its transactional platform.
Operating leverage and cost synergies from integrations are expected to improve profitability going forward, as new businesses scale and the CI ratio declines.
On a consolidated basis, the brokerage expects 360 ONE to report an operating revenue CAGR of 20% over FY25-28. Improving raw material productivity, along with operational efficiencies from scale, is likely to drive a PAT CAGR of 21% over FY25-28, with the CI ratio gradually declining to 46-47% from 49% in FY26.
The brokerage adopts an SOTP approach, valuing ARR at 40x Dec'27 and TBR/other income at 20x Dec'27 to arrive at a fair value of Rs 1,350. Reiterate Buy.
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