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MANAPPURAM Share Price Target

Manappuram Finance Ltd.
Sector: Finance
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MANAPPURAM Share Price *
165.95 +8.95 (5.7%)
* (quote may be delayed)
MANAPPURAM Share Price Forecast - Consensus
No. of reports in last year
8
No. of analysts
4
Average Consensus Forecast
146.25
Consensus Potential
-9.03%

MANAPPURAM Share Price Target - Broker Reports - 2019

Axis Direct
30-Aug-19
Price @ Call: 119.72
Target: 156
BUY
Pick-up in AUMs, increase in non gold pie, stable asset quality, and favorable regulatory environment will be positive for the company. Focus on shorter tenor of product has helped MGFL in containing asset quality pressures. With the management targeting a diversified portfolio mix of 50/50 Gold/Non-Gold portfolio, we expect stability in AUM to improve further. We maintain a buy with a target price of Rs 156 (2x FY21E BVPS).
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Nirmal Bang
14-Aug-19
Price @ Call: 119.59
Target: 153
BUY
Per se, on the key P&L items, MGFL posted NII growth of 23% YoY at Rs7,640mn, PPOP growth of 39% YoY at Rs4,510mn and PAT growth of 36% YoY at Rs2,722mn. We have revised our estimates for FY20/FY21 and retained Buy rating on MGFL, revising our target price to Rs153 (from Rs170 earlier), valuing the stock at 2.0x FY21E P/BV.
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Geojit Financial Services
16-Jul-19
Price @ Call: 128.55
Target: 154
BUY
Valuations: At CMP, the stock is trading at P/BV of 2.0x and 1.7x respectively for FY20E BVPS of Rs64.9 and FY21E BVPS of Rs78. With demonetisation impact left behind, the company is targeting healthy growth in gold loan business going forward, supported by rising gold prices and decreasing interest rates. The new business segments are also expected to do well in the coming years. Also, the company is having healthy CAR, one of the lowest NPAs among NBFC space, and positive asset-liability mismatches. Hence, we value MGFL at 2.0x on FY21E Adj. BV/Share and arrive at a target price of Rs154 and recommend ‘Buy’ rating.
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Axis Direct
17-Jun-19
Price @ Call: 141.16
Target: 160
BUY
The non-gold business constitutes ~33% of the total consolidated AUM. During the quarter, Asirvad MFI posted a 58% YoY growth in its AUM to ~Rs3840cr, CV division increased its AUM by 78% to Rs1100cr and Home-finance subsidiary reported AUM growth of 38% to Rs520cr. MGFL management intends to divide the book equally between Gold and Non-Gold AUM.Asset quality stable: Overall GNPA has eased to 0.5%. GNPA in gold/ MFI/ housing/CV has eased by 10bps/30bps/100bps/50bps sequentially to 0.5%/0.5%/3.9%/1.9% respectively. Pick-up in AUMs, stable asset quality, and favorable regulatory environment will be positive for the company. Focus on shorter tenor of product has helped MGFL in containing asset quality pressures. We maintain a BUY with a target of Rs. 160
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Axis Direct
10-Jun-19
Price @ Call: 137.58
Target: 156
BUY
Pick-up in AUMs, stable asset quality, benign gold price and favorable regulatory environment will be positive for the company. Focus on shorter tenor of product has helped MGFL in containing asset quality pressures. With the management targeting a diversified portfolio mix of 50/50 Gold/NonGold portfolio, we expect stablility in AUM to improve. We maintain a buy with a target price of Rs 156 (2x FY21E BVPS).
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Nirmal Bang
16-Apr-19
Price @ Call: 126.45
Target: 154
BUY
Innovation Continues In The Background We recently met a comprehensive top management line-up from Manappuram Finance (MFL) that included (1) V.P. Nandkumar, MD & CEO (2) Bindu A.L., CFO (3) Jeevandas Narayan, MD, Home Finance (4) K Senthil Kumar, CEO, Vehicle Finance (5) Mayank Thatte, CFO, Asirvad MFI and (6) Sushil Kumar Mishra, DGM, Treasury and gleaned incremental insight into the strategy of the company. We share our detailed takeaways below. We marginally revise our estimates upward for FY20/FY21 and retain Buy rating, revising upward our target price to Rs154 (from Rs141 earlier), valuing the stock at 2.0x FY21E (2.4x FY20E) P/BV. We prefer MFL over Muthoot Finance and, currently, have an Accumulate Rating on the latter
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Nirmal Bang
8-Feb-19
Price @ Call: 104.37
Target: 127
BUY

Phillip Capital
7-Feb-19
Price @ Call: 101.86
Target: 110
BUY

MANAPPURAM Share Price Target - Broker Reports - 2018

Nirmal Bang
12-Nov-18
Price @ Call: 84.87
Target: 112
BUY

Arihant Capital Markets
13-Aug-18
Price @ Call: 105.3
Target: 122
HOLD

Arihant Capital Markets
23-May-18
Price @ Call: 114.4
Target: 136
ACCUMULATE

Edelweiss
21-May-18
Price @ Call: 113.85
Target: 129
BUY

Centrum
7-Mar-18
Price @ Call: 104.3
Target: 128
BUY

Edelweiss
9-Feb-18
Price @ Call: 108.95
Target: 126
BUY

HDFC Securities
8-Jan-18
Price @ Call: 120.1
Target: 158
BUY

MANAPPURAM Share Price Target - Broker Reports - 2017

Axis Direct
16-Nov-17
Price @ Call: 101.08
Target: 118
BUY

Centrum
13-Oct-17
Price @ Call: 102.15
Target: 140
BUY

Prakashgaba.com
14-Jul-17
Price @ Call: 101.1
Target: 140
HOLD

HDFC Securities
19-Jun-17
Price @ Call: 92.55
Target: 109
BUY

Axis Direct
14-Feb-17
Price @ Call: 98
Target: 114
BUY

MANAPPURAM Share Price Target - Broker Reports - 2016

Axis Direct
17-Nov-16
Price @ Call: 78
Target: 102
BUY

KRChoksey
11-Nov-16
Price @ Call: 98
Target: 130
BUY

Axis Direct
10-Aug-16
Price @ Call: 87
Target: 102
BUY

Nirmal Bang
10-Aug-16
Price @ Call: 90
Target: 130
BUY

Powermywealth.com
1-Jul-16
Price @ Call: 69.85
Target: 92.5
BUY

Nirmal Bang
10-Jun-16
Price @ Call: 57.55
Target: 85
BUY

  • MANAPPURAM - Share Price Target Potential

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    BrokerageTargetPotential
    Axis Direct156-0.64%
    Nirmal Bang153-2.61%
    Geojit Financial Services154-1.95%
    Phillip Capital110-42.73%