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DRChoksey Research Report
Poonawalla Fincorp - New business strategies and products to lead the next growth engine (Potential upside - 31.5%)
The stock is currently trading at price/adjusted book value multiples of 3.1 times/ 2.7 times based on FY25E/FY26E ABVPS. We assign P/ABV multiple of 3.3 times to FY26E ABVPS of Rs 137.5 per share and maintain our target price to Rs 455/share (unchanged).
This implies a left-over upside of 31.5% over the current market price and accordingly, we retain our “Buy” rating on Poonawalla Fincorp. We have a “Buy” rating on the stock since July 26, 2024.
Happiest Minds - Anticipates strong growth in FY25E driven by strategic acquisition (Potential upside - 15.1%)
We expect Happiest Minds Technologies Ltd.'s revenue/profit after tax to grow at a compound annual growth rate of 24.0%/23.1% over FY24-FY26E. We assign a price/earning multiple of 36.0 times on FY26E EPS of Rs 24.7 to arrive at a target price of Rs 891 per share. This implies a leftover upside of 15.1% from current levels. Accordingly, we have an Accumulate rating on the shares of Happiest Minds Technologies since May 10, 2024.
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