ETMarkets.com has buy call on Angel One with a target price of Rs 1980. The current market price of Angel One is Rs 1297.05.
Angel One, incorporated in the year 1996, is a Small Cap company (having a market cap of Rs 10812.81 Crore) operating in Financial Services sector.
Angel One key Products/Revenue Segments include Fees & Commission Income, Interest and Other Operating Revenue for the year ending 31-Mar-2022.
Financials
For the quarter ended 31-12-2022, the company has reported a Consolidated Total Income of Rs 759.66 Crore, up 1.84 % from last quarter Total Income of Rs 745.92 Crore and up 25.13 % from last year same quarter Total Income of Rs 607.11 Crore. Company has reported net profit after tax of Rs 227.98 Crore in latest quarter.
The company’s top management includes Mr.Dinesh D Thakkar, Mr.Ketan Shah, Mr.Krishna Iyer, Mr.Uday Sankar Roy, Mr.Kamalji Sahay, Ms.Mala Todarwal, Mr.Muralidharan Ramachandran. Company has S R & Co. LLP as its auditors. As on 31-12-2022, the company has a total of 8 Crore shares outstanding.
Investment Rationale
The brokerage remains positive on Angel considering its track record (~3x growth in number of orders over past two years) and strong position (21.5% retail volume share as of Q3FY23). Risks include sharp drop in market volumes and any regulatory action to curb volume growth (especially in equity options). Further, the brokerage factors-in a 19% earnings CAGR over FY22-FY24E and expect PAT of Rs 9.4bn in FY24E.
Promoter/FII Holdings
Promoters held 43.68 per cent stake in the company as of 31-Dec-2022, while FIIs owned 10.54 per cent, DIIs 9.27 per cent.
Angel One, incorporated in the year 1996, is a Small Cap company (having a market cap of Rs 10812.81 Crore) operating in Financial Services sector.
Angel One key Products/Revenue Segments include Fees & Commission Income, Interest and Other Operating Revenue for the year ending 31-Mar-2022.
Financials
For the quarter ended 31-12-2022, the company has reported a Consolidated Total Income of Rs 759.66 Crore, up 1.84 % from last quarter Total Income of Rs 745.92 Crore and up 25.13 % from last year same quarter Total Income of Rs 607.11 Crore. Company has reported net profit after tax of Rs 227.98 Crore in latest quarter.
The company’s top management includes Mr.Dinesh D Thakkar, Mr.Ketan Shah, Mr.Krishna Iyer, Mr.Uday Sankar Roy, Mr.Kamalji Sahay, Ms.Mala Todarwal, Mr.Muralidharan Ramachandran. Company has S R & Co. LLP as its auditors. As on 31-12-2022, the company has a total of 8 Crore shares outstanding.
Investment Rationale
The brokerage remains positive on Angel considering its track record (~3x growth in number of orders over past two years) and strong position (21.5% retail volume share as of Q3FY23). Risks include sharp drop in market volumes and any regulatory action to curb volume growth (especially in equity options). Further, the brokerage factors-in a 19% earnings CAGR over FY22-FY24E and expect PAT of Rs 9.4bn in FY24E.
Promoter/FII Holdings
Promoters held 43.68 per cent stake in the company as of 31-Dec-2022, while FIIs owned 10.54 per cent, DIIs 9.27 per cent.
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