Buy Motilal Oswal Financial; target of Rs 765: ICICI Direct

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ICICI Direct's research report on Motilal Oswal Financial

Motilal Oswal (MOSL) reported a mixed Q1FY21 performance wherein broking revenue was healthy but asset & wealth management saw pressure. The topline stayed flat at Rs 633 crore (excluding MTM impact) while earnings increased 29% YoY to Rs 167 crore, led by MTM gains on investments.

Outlook

We estimate FY22E PAT at Rs 523 crore. We value MOSL on SOTP basis, implying value of 20.9x FY22E PAT, giving a target price of Rs 765. Maintain BUY.

For all recommendations report, click here

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