Angel One - Market Momentum Can Offer Tailwinds: ICICI Securities

"BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..ICICI Securities Report.Angel One Ltd. registered strong performance in May 2023 in terms of growth in number of orders, client additions and market share after a soft April 2023. Factoring this in our estimates, we forecast profit after tax at a strong Rs 2.3 billion in Q1 FY24 (versus Rs 10 billion in FY24E). We are enthused about:the company’s ability (according to its cohort analysis) to retain higher revenue levels from clients in the second and third year post acquisition under its digital business model, andaggressive expansion of market share while maintaining an operating margin of 45-50% (as guided). We remain positive on Angel One considering its strong track-record in terms of number of orders (~2.3 times growth over past two years) and retail volume share (23.9% in May 2023). We factor-in a 16% earnings compound annual growth rate over FY23-FY25E and expect profit after tax of Rs 11.5 billion in FY25E. Angel One's strategy is based around:achieving market leadership,augmentation of tech and product capabilities, and increasing customer lifecycle value (super-app will be key here)..Click on the attachment to read the full report:.TeamLease - Turning Positive On Attractive Valuation; Long Term Growth Outlook: Motilal Oswal.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner."

Angel One - Market Momentum Can Offer Tailwinds: ICICI Securities

Increase in customer lifecycle value led by super-app will be key.

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Angel One - Market Momentum Can Offer Tailwinds: ICICI Securities

Increase in customer lifecycle value led by super-app will be key.

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