Buy Angel One, target price Rs 1590: ICICI Securities

ICICI Securities has buy call on Angel One with a target price of Rs 1590. The current market price of Angel One is Rs 1417.2.

Angel One, incorporated in the year 1996, is a Small Cap company (having a market cap of Rs 11833.51 Crore) operating in Financial Services sector.

Angel One key Products/Revenue Segments include Fees & Commission Income, Interest and Income From Sale Of Share & Securities for the year ending 31-Mar-2023.


Financials
For the quarter ended 31-03-2023, the company has reported a Consolidated Total Income of Rs 831.08 Crore, up 9.40 % from last quarter Total Income of Rs 759.66 Crore and up 21.27 % from last year same quarter Total Income of Rs 685.32 Crore. Company has reported net profit after tax of Rs 266.91 Crore in latest quarter.

The company’s top management includes Mr.Dinesh D Thakkar, Mr.Ketan Shah, Mr.Krishna Iyer, Ms.Mala Todarwal, Mr.Muralidharan Ramachandran, Mr.Krishnaswamy Arabadi Sridhar, Mr.Kalyan Prasath. Company has S R Batliboi & Co. LLP as its auditors. As on 31-03-2023, the company has a total of 8 Crore shares outstanding.

Investment Rationale
The brokerage remains positive on Angel considering its strong track-record in terms of number of orders(~2.3x growth over past two years) and retail volume share (23.9% in May’23). The brokerage factor-in a 16% earnings CAGR over FY23-FY25E and expect PAT of Rs11.5bn inFY25E.

Promoter/FII Holdings
Promoters held 38.48 per cent stake in the company as of 31-Mar-2023, while FIIs owned 16.61 per cent, DIIs 9.73 per cent.