Finance
Finance - Holding Company
from 1,512 today
Q1FY27 APE grew 15% YoY led by robust growth in protection, PAR and annuity segment; we expect growth momentum to sustain in FY27E supported by continued traction in protection/annuity, increasing contribution from newer partnerships and expansion to tier 2/3 markets. We value MAXF using the Appraisal Value framework with an unchanged multiple of 1.9x FY28E P/EV and TP of INR2,025. Reiterate 'BUY'.
We maintain our BUY rating for the company with unchanged price target of Rs. 2100 valuing the company at 2.6x on its FY28E EV per share of Rs. 961 with a holding company discount of 15%.
Ratings and target prices as published by each firm. Each summary condenses that firm's stated view in its own note and is attributed to it; no report text is reproduced.
