Financials Motilal Oswal Financial Services Limited

Equities

Market Closed - NSE India S.E. Other stock markets 07:40:30 2024-05-21 am EDT			5-day change	1st Jan Change
2,291 ^INR	-2.94%		+0.97%	+84.60%

May. 06	INDIA STOCKS-Indian shares edge up, with IT gains battling state-run banks' drop	RE
Apr. 26	Transcript : Motilal Oswal Financial Services Limited, Q4 2024 Earnings Call, Apr 26, 2024

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	87,714	73,597	91,608	129,677	90,292	341,890	-	-
Enterprise Value (EV) ¹	87,714	73,597	91,608	129,677	90,292	248,358	341,890	341,890
P/E ratio	30.1 x	40.7 x	7.55 x	9.84 x	9.74 x	10.2 x	15.4 x	14.3 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	3.56 x	3.12 x	2.53 x	3.02 x	2.16 x	3.51 x	4.45 x	4.21 x
EV / Revenue	3.56 x	3.12 x	2.53 x	3.02 x	2.16 x	3.51 x	4.45 x	4.21 x
EV / EBITDA	-	-	-	-	4.81 x	6.11 x	9.7 x	8.79 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	2.87 x	2.39 x	2.12 x	2.29 x	1.44 x	4.1 x	3.19 x	2.67 x
Nbr of stocks (in thousands)	145,680	148,067	146,620	149,063	147,947	149,261	-	-
Reference price ²	602.1	497.0	624.8	870.0	610.3	2,291	2,291	2,291
Announcement Date	5/11/19	5/11/20	4/29/21	4/28/22	4/27/23	4/26/24	-	-

¹INR in Million²INR

Estimates

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	24,627	23,576	36,256	42,968	41,771	70,678	76,743	81,134
EBITDA ¹	-	-	-	-	18,765	40,658	35,249	38,910
EBIT ¹	9,012	7,797	19,697	20,710	18,181	39,833	34,579	38,213
Operating Margin	36.6%	33.07%	54.33%	48.2%	43.52%	56.36%	45.06%	47.1%
Earnings before Tax (EBT) ¹	3,844	2,852	14,567	16,158	12,422	30,319	25,944	28,358
Net income ¹	2,940	1,834	12,454	13,098	9,317	24,411	22,084	23,814
Net margin	11.94%	7.78%	34.35%	30.48%	22.3%	34.54%	28.78%	29.35%
EPS ²	20.01	12.20	82.71	88.38	62.66	162.9	148.6	160.3
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-
Announcement Date	5/11/19	5/11/20	4/29/21	4/28/22	4/27/23	4/26/24	-	-

¹INR in Million²INR

Estimates

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	9.9%	5.97%	33.1%	25.8%	15.6%	15.7%	18.6%	17.8%
ROA (Net income/ Total Assets)	2.8%	1.78%	10.3%	8.44%	4.67%	-	-	-
Assets ¹	104,845	102,959	121,137	155,200	199,668	-	-	-
Book Value Per Share ²	210.0	208.0	294.0	381.0	423.0	559.0	717.0	859.0
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	5/11/19	5/11/20	4/29/21	4/28/22	4/27/23	4/26/24	-	-

¹INR in Million²INR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,291 INR

Average target price

2,389 INR

Spread / Average Target

+4.30%

	1st Jan change	Capi.
MOTILAL OSWAL FINANCIAL SERVICES LIMITED	+84.60%	4.31B
MORGAN STANLEY	+8.88%	163B
THE GOLDMAN SACHS GROUP, INC.	+21.94%	157B
CHARLES SCHWAB	+14.68%	144B
CITIGROUP INC.	+25.86%	120B
CITIC SECURITIES COMPANY LIMITED	-5.55%	37.16B
RAYMOND JAMES FINANCIAL, INC.	+11.92%	25.94B
CSC FINANCIAL CO., LTD.	-3.91%	21.35B
LPL FINANCIAL HOLDINGS INC.	+18.46%	20.13B
NOMURA HOLDINGS, INC.	+41.68%	17.34B