MAX FINANCIAL SERVICES LIMITED |
Delayed
Other stock markets
|
5-day change | 1st Jan Change | ||
| 973.8 INR | -0.92% |
|
-5.00% | +1.93% |
| 08/05 | Jefferies Adjusts Max Financial Services’ Price Target to INR1,220 From INR1,200, Keeps at Buy | MT |
| 07/05 | Transcript : Max Financial Services Limited, Q4 2024 Earnings Call, May 07, 2024 |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 1,17,237 | 1,03,653 | 2,96,588 | 2,60,182 | 2,19,148 | 3,37,700 | - | - |
| Enterprise Value (EV) 1 | 1,12,179 | 99,162 | 2,91,504 | 2,60,182 | 2,13,930 | 3,44,366 | 3,49,135 | 3,45,055 |
| P/E ratio | 44.5 x | 71.5 x | 59.2 x | 103 x | 57.9 x | 102 x | 54.4 x | 42.7 x |
| Yield | - | - | - | - | - | 0.08% | 0.08% | 0.08% |
| Capitalization / Revenue | 0.6 x | 0.57 x | 0.95 x | 0.83 x | 0.7 x | 0.74 x | 0.76 x | 0.67 x |
| EV / Revenue | 0.58 x | 0.54 x | 0.93 x | 0.83 x | 0.68 x | 0.74 x | 0.79 x | 0.69 x |
| EV / EBITDA | 2,20,00,685 x | 2,19,21,576 x | - | - | - | - | - | - |
| EV / FCF | - | 10,61,730 x | - | - | - | - | - | - |
| FCF Yield | - | 0% | - | - | - | - | - | - |
| Price to Book | 5.69 x | 4.83 x | 8.87 x | 6.61 x | 6.2 x | 6.87 x | 7.25 x | 5.94 x |
| Nbr of stocks (in thousands) | 2,69,386 | 2,69,509 | 3,45,090 | 3,45,115 | 3,45,115 | 3,43,610 | - | - |
| Reference price 2 | 435.2 | 384.6 | 859.4 | 753.9 | 635.0 | 982.8 | 982.8 | 982.8 |
| Announcement Date | 28/05/19 | 26/05/20 | 08/06/21 | 10/05/22 | 12/05/23 | 07/05/24 | - | - |
1INR in Million2INR
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 1,95,012 | 1,82,418 | 3,12,880 | 3,11,876 | 3,14,311 | 4,66,183 | 4,42,737 | 5,03,296 |
| EBITDA | 5,099 | 4,524 | - | - | - | - | - | - |
| EBIT 1 | 5,081 | 4,428 | 5,932 | 4,134 | 5,647 | 4,585 | 6,517 | 8,029 |
| Operating Margin | 2.61% | 2.43% | 1.9% | 1.33% | 1.8% | 0.98% | 1.47% | 1.6% |
| Earnings before Tax (EBT) 1 | 4,808 | 4,425 | 5,929 | 3,886 | 5,272 | 4,148 | 7,286 | 8,799 |
| Net income 1 | 2,626 | 1,450 | 4,254 | 2,534 | 3,785 | 3,401 | 5,806 | 7,315 |
| Net margin | 1.35% | 0.79% | 1.36% | 0.81% | 1.2% | 0.73% | 1.31% | 1.45% |
| EPS 2 | 9.770 | 5.380 | 14.51 | 7.340 | 10.97 | 9.850 | 18.06 | 23.00 |
| Free Cash Flow | - | 93,397 | - | - | - | - | - | - |
| FCF margin | - | 51.2% | - | - | - | - | - | - |
| FCF Conversion (EBITDA) | - | 2,064.7% | - | - | - | - | - | - |
| FCF Conversion (Net income) | - | 6,441.61% | - | - | - | - | - | - |
| Dividend per Share 2 | - | - | - | - | - | 0.7500 | 0.7500 | 0.8000 |
| Announcement Date | 28/05/19 | 26/05/20 | 08/06/21 | 10/05/22 | 12/05/23 | 07/05/24 | - | - |
1INR in Million2INR
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: March | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 S1 | 2024 Q3 | 2024 Q4 | 2025 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales | 51,215 | 97,603 | - | - | - | - | - | 93,226 | - | - | - | - | - | - | - | - |
| EBITDA 1 | - | - | - | - | - | - | - | 779.7 | - | - | 1,283 | - | - | 3,327 | - | - |
| EBIT 1 | - | - | - | - | - | - | - | - | - | - | 1,273 | 4,924 | - | 4,293 | - | - |
| Operating Margin | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Earnings before Tax (EBT) 1 | 2,795 | - | - | - | - | - | 803.9 | 738.3 | - | - | 1,180 | 626 | 1,656 | 2,632 | - | - |
| Net income 1 | 1,758 | 623.4 | 211.9 | 396.3 | 748.6 | 1,177 | 563.6 | 512.9 | 2,249 | 458.9 | 876.8 | 934.5 | - | 1,994 | 2,408 | - |
| Net margin | 3.43% | 0.64% | - | - | - | - | - | 0.55% | - | - | - | - | - | - | - | - |
| EPS 2 | 6.200 | 2.130 | 0.6100 | 1.150 | 2.550 | 3.410 | 1.630 | 1.490 | 6.520 | 1.330 | 2.540 | 1.888 | - | 3.866 | 4.128 | - |
| Dividend per Share 2 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 09/02/21 | 08/06/21 | 10/08/21 | 09/11/21 | 28/01/22 | 10/05/22 | 01/08/22 | 19/10/22 | 31/01/23 | 12/05/23 | 09/08/23 | - | - | - | - | - |
1INR in Million2INR
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | 8,046 | 11,435 | 7,355 |
| Net Cash position 1 | 5,057 | 4,491 | 5,084 | - | 5,218 | - | - | - |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow | - | 93,397 | - | - | - | - | - | - |
| ROE (net income / shareholders' equity) | 13.5% | 6.9% | 15.5% | 6.96% | 10.2% | 15.1% | 13.5% | 13.1% |
| ROA (Net income/ Total Assets) | 0.43% | 0.2% | 0.49% | 0.23% | 0.3% | 0.36% | 0.33% | 0.38% |
| Assets 1 | 6,15,260 | 7,08,409 | 8,63,298 | 10,79,089 | 12,47,873 | 14,08,794 | 17,86,532 | 19,24,953 |
| Book Value Per Share 2 | 76.40 | 79.60 | 96.90 | 114.0 | 102.0 | 143.0 | 136.0 | 165.0 |
| Cash Flow per Share | - | 351.0 | - | - | - | - | - | - |
| Capex | 1,004 | 1,278 | - | - | - | - | - | - |
| Capex / Sales | 0.52% | 0.7% | - | - | - | - | - | - |
| Announcement Date | 28/05/19 | 26/05/20 | 08/06/21 | 10/05/22 | 12/05/23 | 07/05/24 | - | - |
1INR in Million2INR
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
B-
Sell
Buy
Mean consensus
BUY
Number of Analysts
16
Last Close Price
982.8
INR
Average target price
1,217
INR
Spread / Average Target
+23.80%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +1.93% | 3.99B | |
| +12.85% | 77.41B | |
| +8.36% | 50.67B | |
| +2.82% | 48.12B | |
| +14.75% | 43.61B | |
| +12.52% | 41.74B | |
| +5.98% | 30.76B | |
| -2.46% | 29.21B | |
| -12.42% | 26.1B | |
| +11.26% | 23.07B |
- Stock Market
- Equities
- MFSL Stock
- Financials Max Financial Services Limited