Angel One Ltd. share price target

Angel One (Angel) continued with its strong performance in Q3FY23 in terms of client additions (average of ~1mn per quarter in 9MFY23), growth in the number of orders (average monthly run-rate of ~74mn in 9MFY23) and cost discipline (total ‘opex to sales’ of 48% in 9MFY23). These strides are reflected in 9.5% and 11% increase in our EPS estimates for FY23E and FY24E respectively.

Quarterly Update Q3FY23

Quarterly Update Q2FY23

Quarterly Update Q2FY23

Angel One (Angel) has reported consistent client additions, growth in number of orders and cost discipline, which is reflected in PAT increasing from Rs1.34bn in Q2FY22 to Rs2.14bn in Q2FY23.

Angel One (formerly Angel Broking) maintained its business momentum in Aug’22 with 9%/4%/29% MoM increase in number of orders/client base/gross client acquisition.

Initiating Coverage Report

AngelOne (Angel) has reported a decline in the number of orders and MTF book, in line with weak market sentiment in Q1FY23 and especially June’22. Indian markets are expected to remain weak in the near term.

Rs. 10 each, (Comprising of fresh issue of 9,803,922 Equity Shares* (Rs. 300 cr.) and Offer for Sale of 9,803,922 Equity Shares* (Rs. 300 cr.) by Selling...

Angel Broking Ltd - IPO Note Issue Size: Rs. 598.0 600.0 cr Reservation for: QIB Upto 50% eq sh Non Institutional atleast 15% eq sh Retail atleast 35% eq sh

Incorporated on August 8, 1996, Angel Broking is now a technology-led financial services company providing broking and advisory services, margin funding, loans against shares (through one of its Subsidiaries, AFPL) and distribution of financial products to its clients. It is one of the largest retail broking houses in India in terms of active clients on NSE as of 30 June 2020. As of March 2020, Angel Broking's revenue from operations came in at | 711 crore in FY20. Healthy ADTO growth (led by flat brokerage) and well controlled opex resulted in EBITDA of | 154 crore with OPM at 22%. PAT...

IPO NOTE