BSE Ltd. share price target and research reports

Latest analyst research reports with target prices and PDF download for BSE, BSE Ltd.

BSE Ltd.

03 Aug 2022

5931.00

0.01%

In line revenue, PAT misses our estimate due to a MTM loss

Neutral: BSE Ltd.

Target

Motilal Oswal

BSE Ltd. has gained 43.03% in the last 1 Month

BSE Ltd.

06 Jun 2022

5931.00

0.01%

Multiple growth levers mostly factored into valuations

Neutral: BSE Ltd.

Motilal Oswal

BSE Ltd. has gained 43.03% in the last 1 Month

BSE Ltd.

23 Nov 2021

5931.00

0.01%

BSE LIMITED

Buy: BSE Ltd.

AUM Capital

BSE is India's leading exchange group and has played a prominent role in developing the Indian capital market. It is a corporatized and demutualized entity which provides an efficient and transparent market for trading in equity, debt instruments, equity derivatives, currency derivatives, commodity derivatives, interest rate derivatives, mutual funds and stock lending and borrowing. It also possesses a dedicated platform for trading in equities of small and medium enterprises (SMEs) that has been highly successful. They also have a dedicated MF distribution platform BSE StAR MF which is India Largest Mutual Funds...

BSE Ltd. is trading above all available SMAs

BSE Ltd.

13 Nov 2021

5931.00

0.01%

Strong beat led by higher market share

Buy: BSE Ltd.

Target

Motilal Oswal

BSE reported a strong operational revenue growth of 42% YoY in 2QFY22. The revenue beat to our estimate was led by a 15% YoY increase in equity transaction charges on account of strong volumes and market share gains. Revenue from the Star MF platform rose 22% YoY in 1HFY22. Overall volumes (number of orders) saw a 99% YoY increase in 2QFY22. BSE continues to command strong market positioning. The management is open to monetization of the Star MF platform via sale to a strategic investor. BSE saw its market share increase in both the cash equity and derivatives...

BSE Ltd. has gained 38.74% in the last 6 Months

BSE Ltd.

14 May 2021

5931.00

0.01%

Strong operations led by increased market activity

Buy: BSE Ltd.

Target

Motilal Oswal

BSE reported operational revenue growth of 24% YoY in 4QFY21. Growth was led by a 117% YoY increase in equity transaction charges; this was partially offset by revenue decline in Star MF on moderation in realization on the platform. Overall strong market activity led to an 86%/17% YoY increase in transaction charges / services to corporates. A robust increase in margins was the function of operating leverage in the business. The management's decision to explore options to unlock value from its Star MF segment is encouraging; however, no bids have been accepted thus far....

Number of MF schemes increased from 136 to 149 in Mar 2025 qtr.

BSE Ltd.

08 Nov 2020

5931.00

0.01%

Operational beat led by strong market activity

Buy: BSE Ltd.

Target

Motilal Oswal

BSE's 2QFY21 reported revenue was above estimates, largely led higher revenue from services to corporates. Management's decision to explore options to unlock value from its Star MF segment is encouraging. Strong transactional income from the Equity segment was offset by lower revenue in Star MF on one-time rate negotiation. Cross-subsidization by NSE has limited monetization opportunities for BSE in the INX and Commodity Derivatives segments in the near term. While the announced additional income streams may be small currently, some of them have the potential to...

BSE Ltd. has an average target of 4961.00 from 2 brokers.

BSE Ltd.

03 Aug 2020

5931.00

0.01%

Stable commentary

Buy: BSE Ltd.

Target

Motilal Oswal

Cross-subsidization by NSE has limited monetization opportunities for BSE in the Star MF, INX, and Commodity Derivatives segments in the near term. This was primarily due to a decrease in turnover by 26% YoY in the Equity Cash segment (special rate group) in 1QFY21 and one- While total expenditure of INR1.0b was lower than estimated, overall decline in revenues resulted in largely in-line EBITDA (v/s estimates). NSEs competitive pricing has impacted BSEs ability to charge in the Star MF, INX, and Commodity Derivatives segments. NSEs competitive pricing has impacted BSEs ability to charge in the Star MF, INX, and Commodity Derivatives segments. This was primarily due to a decrease in turnover by 26% YoY in the Equity Cash segment (special rate group) in 1QFY21 and one-off income in While total expenditure of INR1.0b was lower than estimated, overall decline in revenues resulted in largely in-line EBITDA (v/s estimates).

BSE Ltd. is trading above all available SMAs

BSE Ltd.

12 Feb 2020

5931.00

0.01%

BSE (3QFY20): Win some, lose some. Maintain NEUTRAL

Neutral: BSE Ltd.

Target

HDFC Securities

BSE cash market share has slipped to 6.4% vs ~13/9% in FY18/19 and currency derivative segment is also facing tough competition. Investments in INX and newer initiatives (commodity & Insurance distribution) have impacted EBITDA margins (1.1% in 9MFY20, down ~7% YoY). We expect revenue growth of 12.0/10.4% in FY21/22E led by rebound in transaction revenue (better market condition, StAR MF and INX contribution). We expect operating leverage to play out with growth (EBITDA margin of 8.8/14.2% for FY21/22E). BSE has net cash of Rs ~20bn (~77% of MCap) and a dividend yield of ~5%, which limits downside. Risks include rise in competition, loss of market share and increase in investments. We maintain NEU on BSE based on revenue and margin miss in 3QFY20. The core revenue stream is under pressure, margin is in the negative territory due to ongoing investments in new initiatives (INX). BSE cash market share has declined to 6.4% but StAR MF platform is witnessing continued traction. We arrive at a SoTP based TP of Rs 590 by assigning 15x multiple to core Dec-21E PAT (Rs 46/sh), Rs 105/sh for the CDSL stake and adding net cash (Rs 439/sh).

Number of FII/FPI investors increased from 746 to 893 in Mar 2025 qtr.

BSE Ltd.

07 Nov 2019

5931.00

0.01%

BSE (2QFY20): Another dull quarter. Maintain NEUTRAL

Neutral: BSE Ltd.

Recommendation Target

HDFC Securities

BSE is witnessing continuous decline in core business metrics. Cash market share has slipped to 6.7% vs ~13/9% in FY18/19 and currency derivative is also under pressure. Continued investments in INX and newer initiatives (commodity & Insurance distribution) have impacted EBITDA margins (2.1% in 1HFY20, down ~10% YoY). We expect revenue growth of 12.8/0.3% in FY21/22E led by rebound in transaction revenue (better market condition, StAR MF and INX contribution). We expect some operating leverage to play out with growth (EBITDA margin of 12.0/16.5% for FY21/22E). BSE has net cash of Rs ~20bn (~82% of MCap) and a dividend yield of ~6%, which limits downside. Risks include a rise in competition, loss of market share and an increase in investments. We maintain NEU on BSE based on unexciting 2QFY20. The core revenue stream remains under pressure while new age platform like StAR MF is doing well. Margin expansion will come with growth. We arrive at a SoTP based TP of Rs 585 by assigning 25x to core Sep-21E PAT (Rs 122/sh), Rs 111/sh for the CDSL stake and adding net cash after 20% discount (Rs 351/sh).

BSE Ltd. has gained 38.74% in the last 6 Months

BSE Ltd.

26 Oct 2019

5931.00

0.01%

In-line earnings; Demerger of Pharma/LSI approved

Buy: BSE Ltd.

Target

Motilal Oswal

26 October 2019 INR22.6b (in-line) were flat YoY. The 9% YoY growth in pharmaceuticals (64% of sales) was offset by 15% YoY decline in Life Science Ingredients (LSI) (33% of sales). Particularly, Generics segment in Pharma and Specialty Intermediates in LSI grew 20%/32% YoY to INR3b/INR2.6b. 450bp YoY (~50bp QoQ) to 66% due to superior product mix. EBITDA margin grew at lower rate of 90bp YoY to 20.7% (in-line) due to higher employee cost (+130bp YoY as % of sales) and other expense (+170bp YoY as % of sales). INR2.2b) due to lower tax outgo. For 1HFY20, sales/EBITDA/PAT came in at INR44b/INR9b/INR4.4b, up 2%/3%/8% YoY. mirror shareholding as that of JLS would be listed on the BSE/NSE. Process would take about nine months. The Pharma entity had sales/EBITDA of INR56b/INR14b and LSI had sales/EBITDA of INR36b/INR4.

Number of FII/FPI investors increased from 746 to 893 in Mar 2025 qtr.

Is BSE Ltd. worth buying?

1069 Votes:

Buy 77.46%

Sell 11.6%

Hold 10.94%

RESEARCH REPORTS

Buy SEE REPORTS >

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Neutral SEE REPORTS >

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