MAX FINANCIAL SERVICES LIMITED |
Delayed
Other stock markets
|
5-day change | 1st Jan Change | ||
| 1,001 INR | +2.62% |
|
-5.44% | +4.93% |
| Apr. 24 | News Highlights : Top Financial Services News of the Day - Wednesday at 4 PM ET | DJ |
| Apr. 24 | News Highlights : Top Financial Services News of the Day - Wednesday at 11 AM ET | DJ |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 117,237 | 103,653 | 296,588 | 260,182 | 219,148 | 335,312 | - | - |
| Enterprise Value (EV) 1 | 112,179 | 99,162 | 291,504 | 260,182 | 213,930 | 343,410 | 346,748 | 342,604 |
| P/E ratio | 44.5 x | 71.5 x | 59.2 x | 103 x | 57.9 x | 65.8 x | 58.7 x | 47.2 x |
| Yield | - | - | - | - | - | 0.08% | 0.08% | 0.09% |
| Capitalization / Revenue | 0.6 x | 0.57 x | 0.95 x | 0.83 x | 0.7 x | 0.86 x | 0.77 x | 0.68 x |
| EV / Revenue | 0.58 x | 0.54 x | 0.93 x | 0.83 x | 0.68 x | 0.88 x | 0.8 x | 0.69 x |
| EV / EBITDA | 22,000,685 x | 21,921,576 x | - | - | - | - | - | - |
| EV / FCF | - | 1,061,730 x | - | - | - | - | - | - |
| FCF Yield | - | 0% | - | - | - | - | - | - |
| Price to Book | 5.69 x | 4.83 x | 8.87 x | 6.61 x | 6.2 x | 6.82 x | 6.29 x | 5.62 x |
| Nbr of stocks (in thousands) | 269,386 | 269,509 | 345,090 | 345,115 | 345,115 | 343,610 | - | - |
| Reference price 2 | 435.2 | 384.6 | 859.4 | 753.9 | 635.0 | 975.8 | 975.8 | 975.8 |
| Announcement Date | 5/28/19 | 5/26/20 | 6/8/21 | 5/10/22 | 5/12/23 | - | - | - |
1INR in Million2INR
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 195,012 | 182,418 | 312,880 | 311,876 | 314,311 | 388,078 | 432,947 | 494,165 |
| EBITDA | 5,099 | 4,524 | - | - | - | - | - | - |
| EBIT 1 | 5,081 | 4,428 | 5,932 | 4,134 | 5,647 | 5,410 | 6,357 | 7,886 |
| Operating Margin | 2.61% | 2.43% | 1.9% | 1.33% | 1.8% | 1.39% | 1.47% | 1.6% |
| Earnings before Tax (EBT) 1 | 4,808 | 4,425 | 5,929 | 3,886 | 5,272 | 6,726 | 7,731 | 9,285 |
| Net income 1 | 2,626 | 1,450 | 4,254 | 2,534 | 3,785 | 5,153 | 5,664 | 7,209 |
| Net margin | 1.35% | 0.79% | 1.36% | 0.81% | 1.2% | 1.33% | 1.31% | 1.46% |
| EPS 2 | 9.770 | 5.380 | 14.51 | 7.340 | 10.97 | 14.82 | 16.62 | 20.69 |
| Free Cash Flow | - | 93,397 | - | - | - | - | - | - |
| FCF margin | - | 51.2% | - | - | - | - | - | - |
| FCF Conversion (EBITDA) | - | 2,064.7% | - | - | - | - | - | - |
| FCF Conversion (Net income) | - | 6,441.61% | - | - | - | - | - | - |
| Dividend per Share 2 | - | - | - | - | - | 0.7500 | 0.7500 | 0.8500 |
| Announcement Date | 5/28/19 | 5/26/20 | 6/8/21 | 5/10/22 | 5/12/23 | - | - | - |
1INR in Million2INR
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: March | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 S1 | 2024 Q3 | 2024 Q4 | 2025 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales | 51,215 | 97,603 | - | - | - | - | - | 93,226 | - | - | - | - | - | - | - | - |
| EBITDA 1 | - | - | - | - | - | - | - | 779.7 | - | - | 1,283 | - | - | 3,327 | - | - |
| EBIT 1 | - | - | - | - | - | - | - | - | - | - | 1,273 | 4,924 | - | 4,293 | - | - |
| Operating Margin | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Earnings before Tax (EBT) 1 | 2,795 | - | - | - | - | - | 803.9 | 738.3 | - | - | 1,180 | 626 | 1,656 | 2,632 | - | - |
| Net income 1 | 1,758 | 623.4 | 211.9 | 396.3 | 748.6 | 1,177 | 563.6 | 512.9 | 2,249 | 458.9 | 876.8 | 934.5 | - | 1,994 | 2,433 | - |
| Net margin | 3.43% | 0.64% | - | - | - | - | - | 0.55% | - | - | - | - | - | - | - | - |
| EPS 2 | 6.200 | 2.130 | 0.6100 | 1.150 | 2.550 | 3.410 | 1.630 | 1.490 | 6.520 | 1.330 | 2.540 | 1.888 | - | 3.866 | 4.341 | - |
| Dividend per Share 2 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 2/9/21 | 6/8/21 | 8/10/21 | 11/9/21 | 1/28/22 | 5/10/22 | 8/1/22 | 10/19/22 | 1/31/23 | 5/12/23 | 8/9/23 | - | - | - | - | - |
1INR in Million2INR
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | 8,098 | 11,436 | 7,292 |
| Net Cash position 1 | 5,057 | 4,491 | 5,084 | - | 5,218 | - | - | - |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow | - | 93,397 | - | - | - | - | - | - |
| ROE (net income / shareholders' equity) | 13.5% | 6.9% | 15.5% | 6.96% | 10.2% | 15.2% | 14.6% | 14.8% |
| ROA (Net income/ Total Assets) | 0.43% | 0.2% | 0.49% | 0.23% | 0.3% | 0.36% | 0.4% | 0.4% |
| Assets 1 | 615,260 | 708,409 | 863,298 | 1,079,089 | 1,247,873 | 1,431,294 | 1,416,117 | 1,802,256 |
| Book Value Per Share 2 | 76.40 | 79.60 | 96.90 | 114.0 | 102.0 | 143.0 | 155.0 | 174.0 |
| Cash Flow per Share | - | 351.0 | - | - | - | - | - | - |
| Capex | 1,004 | 1,278 | - | - | - | - | - | - |
| Capex / Sales | 0.52% | 0.7% | - | - | - | - | - | - |
| Announcement Date | 5/28/19 | 5/26/20 | 6/8/21 | 5/10/22 | 5/12/23 | - | - | - |
1INR in Million2INR
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
B-
Sell
Buy
Mean consensus
BUY
Number of Analysts
16
Last Close Price
975.8
INR
Average target price
1,205
INR
Spread / Average Target
+23.48%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +4.93% | 4.02B | |
| +15.94% | 80.6B | |
| +8.42% | 51.13B | |
| +2.47% | 48.65B | |
| +10.21% | 42.58B | |
| +7.93% | 40.23B | |
| +20.02% | 38.14B | |
| +2.62% | 30.09B | |
| -7.27% | 27.79B | |
| -16.43% | 25.5B |
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- Financials Max Financial Services Limited
