Buy IIFL Wealth Management; target of Rs 2200 : Motilal Oswal

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Motilal Oswal's research report on IIFL Wealth Management

IIFLWAM is on the verge of transitioning to earning majority of its revenue from a trail-based model as compared to a transaction-based one. It embarked on this journey from FY20 and had targeted to complete the same in three-to-four years. With a supportive market and conscious efforts, the transition is expected to be completed ahead of schedule, with benefits reaped from FY23 onwards. Its core focus segment – UHNI (clients with a net worth of over INR250m) –is expected to see rapid grow, with: 1) major monetization of stakes by the founders of startups, 2) the next generation of UHNIs preferring organized Wealth Management platforms, and 3) interest rate remaining low. Amid this, IIFLWAM plans to: 1) enter into eight cities where it sees large opportunities, and 2) capture a significant market share, leveraging its relationships (via pre-IPO investments or other products) with new age startup founders.

Outlook

The stock currently trades at an attractive FY24E P/E of 20.5x, given its strong earnings CAGR of 18% over FY22-24E. We maintain our Buy rating with a one-year TP of INR2,200/share.

More Info

At 18:30 hrs IIFL Wealth Management Limited was quoting at Rs 1,773.55, down Rs 0.00, or 0.00 percent.

It has touched an intraday high of Rs 1,841.00 and an intraday low of Rs 1,765.00.

It was trading with volumes of 0 shares, compared to its thirty day average of 4,755 shares, a decrease of -100.00 percent.

In the previous trading session, the share closed down 2.71 percent or Rs 49.45 at Rs 1,773.55.

The share touched its 52-week high Rs 1,847.95 and 52-week low Rs 1,061.05 on 11 April, 2022 and 22 April, 2021, respectively.

Currently, it is trading 4.03 percent below its 52-week high and 67.15 percent above its 52-week low.

Market capitalisation stands at Rs 15,732.77 crore.

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