Emkay Global Financial is bullish on Max Financial has recommended buy rating on the stock with a target price of Rs 660 in its research report dated August 24, 2020.
Emkay Global Financial's report on Max Financial
Axis Bank has proposed to acquire a 17% stake in Max Life from MFS, resulting in total ownership of 18%, according to a regulatory filing. As per earlier disclosures and definitive agreements between Max Financial and Axis Bank, the latter had agreed to acquire 29% of Max Life from MFS, taking its total stake in Max Life to 30%.
Outlook
Through a gradual shift toward profitable product mix and relatively comfortable valuations, we retain Buy (OW in Insurance EAP) and a revised TP of Rs660 at 1.2x Sept’22E EV. We expect VNB to grow at a CAGR of 14.2% to Rs13.3bn over FY20-23E, with ROEVs at ~19.5% for FY20-FY23E.
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