Live news , top stories, corporate news, company news, sector news, economy news, results analysis news, ceo interviews, fund manager interview, advisor interview, market news, bazaar talk, hot stocks news, ipo news, commodities news, mutual fund news, insurance news, news wire
28 January, 2022 01:52 IST
Max Financial Services: Growth to pick up over FY21-26; margin trajectory stable
Source: IRIS | 02 Dec, 2021, 12.04PM
Rating: NAN / 5 stars.
Comments  |  Post Comment

The past few years have been challenging for Max Life, with the management's focus on simplifying the organization structure. Going forward, its primary focus would be on delivering superior growth (more than 20% over FY21-26E), with margin remaining range bound. It expects RoEV to remain similar to FY21 levels (18.5%), stated Motilal Oswal Institutional Equities.

The management's primary focus would be on the Protection and Retirement segment. Growth via the proprietary channel is likely to remain strong, while banca will continue to deliver healthy growth. Persistency trends have improved, while cost ratios should remain modest.

Motilal Oswal estimates 21% APE CAGR over FY21-24E, with VNB margin sustaining at 25-26%. "This would enable 24% VNB CAGR over FY21-24E, while operating RoEV would sustain ~22%. We maintain Buy rating with an unchanged TP of Rs 1,250 per share (3.6x Sep'23E EV with a 20% holding company discount)."

Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by IRIS from sources which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. 

 Post Comment
Name Email
Comment
Security Code type    into this box
Related Articles
Zensar Technologies Q3FY22 Review- Long term prospect looks attractive - 27-Jan-2022 15:00
Maruti Suzuki India Q3FY22 Review-Super bullish and expect 24% upside - 27-Jan-2022 14:33
Federal Bank Q3FY22 Review-Stressed assets stable at 2.6%; RoA at 1% - 27-Jan-2022 14:21
Welspun India joins global coalition to undertake climate action - 27-Jan-2022 13:03
Maruti Suzuki: Above estimate; strong recovery in market share and margin - 27-Jan-2022 12:49
APL Apollo Tubes Q3FY22 Review-Margin strong despite weak volumes - 27-Jan-2022 10:44
Cera Sanitaryware Q3FY22 Review-A positive surprise on margins front; Buy - 26-Jan-2022 11:01
Home  |   Shares  |   F&O  |   Mutual Funds  |   Loans  |   Insurance  |   News Centre
Wealth Tracker  |   Newsletters  |   Tax Corner  |   NRI Centre  |   Advertise
© All rights reserved. IRIS Business Services Limited
A Disclaimer