Motilal Oswal - Diversified Play On Capital Markets: ICICI Securities Initiates Coverage

ICICI Securities Report

Motilal Oswal Financial Services Ltd. is well diversified in its business offerings which include flow-based broking (45%), stock-based asset/wealth management/distribution (22%), lending related to capital markets (11%), affordable housing (14%) and private equity/real estate segment (4%) (all percentages of consolidated core operating revenue excluding interest on bank deposits).

There is opportunity for strong execution-based outperformance in most segments like gain in market share in broking, increasing relationship managers in wealth management, better fund performances in asset management companies, improvement in asset quality in housing and establishing a multi-year cashflow stream from the private equity/real estate business.

We like the well-knit synergistic approach of the management towards all business groups and consider current valuation attractive (versus peers in respective industries) considering the strong brand, business potential and well-entrenched franchise of the company.

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