Max Financial Services Share Price Target Forecast 2022, 2023, 2025, 2030

20t January 2022

Emkay Global recommends Max Financial Services with a target price of Rs 1290.

Max Financial Services gets a buy call from Emkay Global with a target price of Rs 1290. Max Financial Services is currently trading at Rs 983.45. When the price of Max Financial Services Ltd. reaches the set objective, the analyst estimates it will take one year.

Max Financial Services Ltd., founded in 1988, is a Mid Cap business in the Financial Services industry with a market capitalization of Rs 33993.80 crore.

For the year ending 31-Mar-2021, Max Financial Services Ltd.’s primary Products/Revenue Segments include Income From Dividends, Income From Sale Of Shares & Securities, Sale Of Services, Rental Income, and Interest.

Financials

The firm reported a Consolidated Total Income of Rs 9327.37 Crore for the quarter ended September 30, 2021, up 56.94 percent from the previous quarter’s Total Income of Rs 5943.14 Crore and up 32.87 percent from the same quarter last year’s Total Income of Rs 7020.11 Crore. In the most recent quarter, the company generated a net profit after tax of Rs 47.65 crore.

FII Holdings/Promoter

As of September 30, 2021, promoters owned 14.72 percent of the firm, FIIs 49.58 percent, and DIIs 27.5 percent.

Economictimes.com is the source for this information.


DECEMBER 2, 2021

Motilal Oswal’s share price target for Max Financial Services; buy for Rs 1250.

In its Research Report dated December 1, 2021, Max Financial Services advised a BUY rating on the company with a target price of Rs 1250. Motilal Oswal is optimistic on the recommendation.

For Max Life Insurance, we hosted an investor day. Mr. Prashant Tripathi, MD & CEO, Mr. Amrit Singh, CFO, and other members of the senior management team represented the firm. Management emphasised the company’s success over the years and how well it is positioned to take advantage of the tremendous potential in this field. Future view and strategy roadmap, b) innovation across customer segments and future delivery, c) enterprise-wide intelligence and automation, and d) strategic risk management were among the topics discussed. The key takeaways are listed below.

Outlook

With an unchanged TP of INR1,250 per share (3.6x Sep’23E EV with 20% holding company discount), we retain our BUY rating.

Moneycontrol.com is the source for this information.


19 AUGUST 2021

Motilal Oswal’s share price target for Max Financial Services is Rs 1250.

In its research report dated August 11, 2021, Motilal Oswal is positive on Max Financial Services’ recommended BUY rating on the company with a target price of Rs 1250.

Max Life Insurance (MaxLife) continues to operate well in difficult macroeconomic conditions, with APE increase of 32 percent. This was due to substantial rise in non-PAR savings and ULIP recovery. Security growth, on the other hand, has been minimal, as has been the case for peers. Premium growth has been boosted by a strong push through the bancassurance channel, whereas COVID 2.0 has had an influence on the proprietary channel’s development.

Seasonality, operational costs, and increased ULIP mix all contributed to a reduction in VNB margin to 19.7% in 1QFY22 (vs. 24 percent in 4QFY21). Overall, we expect the VNB margin to stay steady, with an APE of 21% CAGR from FY 2011 to FY 23E. Over FY21-23E, this will provide for a 23 percent VNB CAGR. BUY should be maintained.

Outlook

In FY 2011-23, we predict an APE CAGR of 21%, with VNB margins staying constant at 26% in FY23. This will allow VNB to grow at a rate of 23% in FY21-23E, while RoEV operations will stay at 22%. With a TP of INR1,250, we retain our BUY recommendation (4.0x FY23E EV with 20 percent holdco discount).

Moneycontrol.com is the source for this information.


14 JUNE 2021

Sharekhan’s price target for Max Financial Services is Rs 1250.

In its research report dated June 09, 2021, Sharekhan is bullish on Max Financial Services, recommending a BUY rating on the company with a target price of Rs 1250.

Max Financial Services (MFS), the parent company of Max Life Insurance, witnessed strong results in VNB from its subsidiary Max Life Insurance, with smart uptake and new business margins (MLI). Individual APE at Max Life was 35.4 percent yoy and 65.5 percent qoq in Q4FY2021, with non-par savings (increased 121 percent) and ULIP business (increasing 43 percent yoy) leading the way.

VNB increased by 44 percent year over year. Healthy metrics continued in FY12, with margins climbing to 25.2 percent; persistence also improved, and MLI reached its highest new business market share in a decade, at 10.8 percent.

Outlook

With a revised PT of Rs 1250, we have maintained our buy recommendation on the stock.

Moneycontrol.com is the source for this information.


14 JUNE 2021

Motilal Oswal’s share price target for Max Financial Services is Rs 1200.

In its Research Report dated June 09, 2021, Motilal Oswal is positive on Max Financial Services’ recommended BUY rating on the company, with a target price of Rs 1200.

MaxLife has been robust in the face of tough macroeconomic conditions, with substantial (36 percent) APE growth boosted by strong non-PAR savings growth and ULIP sector revival. After a robust security climb above 1H, it eased throughout 2HFY21. VNB increased by 44 percent YoY in 4QFY21, thanks to a healthy product mix and significant APE growth in the high margin category.

Premium growth has been bolstered by a strong push through the bancassurance channel, while the proprietary channel is gaining pace. We forecast a 22 percent CAGR in APE growth from FY 2011 to FY 23E, with a VNB margin of 26.8% by FY 2013E. This will result in a 26 percent VNB CAGR in FY 2011-23E, with a 22 percent operating ROEV. BUY should be maintained.

Outlook

In FY20-23E, we project APE to rise at a 22 percent compound annual growth rate (CAGR) and VNB margin to improve to 26.8%. This will allow for a 26 percent VNB CAGR in FY 2011-23E while sustaining a 22 percent operational ROEV. With a TP of INR1,200/share (3.1x FY23E EV/3.8x FY23E EV with 20% holding company reduction), we retain our BUY rating.

Moneycontrol.com is the source for this information.


26 FEBRUARY 2021

Sharekhan’s price target for Max Financial Services is Rs 1100.

Sharekhan is bullish on Max Financial Services, recommending a BUY rating on the company with a target price of Rs 1100 in its Research Report dated February 25, 2021.

Max Financial Services (MFS) — The much-anticipated IRDAI approval for the Axis Bank acquisition is favourable, removing the regulatory stumbling block. Max Life Insurance (MLI) has grown into a powerful player with excellent capabilities (best-in-class VNB margins, high ROEV, diversified product portfolio, reduced reliance on PAR business, etc.).

We expect operational leverage to improve in the future as business mix improves, supporting VNB margins; we believe the Indian insurance industry offers strong development potential. At 2.3x/2.0x its FY2022E/FY2023E EVPS, the ratings are respectable; the closure of the merger might enhance the re-ratings even further.

Outlook

With a revised PT of Rs 1,100, we maintain our BUY rating.

Moneycontrol.com is the source for this information.


25 FEBRUARY 2021

Target Price For Max Financial Services Shares Is Rs 995: Lilladher Prabhudas

On February 25, 2021, Prabhudas Lilladher suggested a cumulative rating on Max Financial Services with a target price of Rs 995 in his research report.

Max Financial Services won a long-awaited regulatory approval for Axis Bank and its capital markets businesses to buy a share in Max Life. Axis Bank and SAB will buy a combined 12 percent ownership, with the option to buy another 7% in one or more tranches over the following three years.

With the deal’s approval, the Axis and Max Life alliance, which has been a crucial engine of development, is no longer in doubt. Max Life has continuously delivered on APE growth during the pandemic, with an industry-leading margin of 26% and a fast VNB rise of 37% YoY in 9MFY21, thanks to improvements in the safety and non-par savings mix. We estimate that increasing the retail share (now 10%) will enhance the safety mix (currently 16%) and lead to long-term margins of 26-28 percent.

Outlook

With a revised TP of Rs 995, we boost the VNB/VNB margin and growth forecast, bringing the FY23E EV to 2.8x (from 2.4x) (from Rs 760). It should be kept safe.

Moneycontrol.com is the source for this information.


11 FEBRUARY 2021

Sharekhan: Max Financial Services Share Price Target; Buy For Rs 1000

In its research report dated February 10, 2021, Sharekhan is bullish on Max Financial Services, recommending a BUY rating on the company with a target price of Rs 1000.

Max Life Insurance (MLI) announced a significant growth of 37 percent in VNB, led by a strong 22 percent increase in APE and a robust 270-bps expansion in VNB margins to 26.5 percent in Q3FY21. We expect operational leverage to improve in the future as business mix improves, supporting VNB margins; we believe the Indian insurance industry offers strong development potential. Stock is available for 2.1x / 1.8x FY2022E / FY2023E EVPS; valuations are appropriate and certain bank-owned life insurance businesses are still trading at a discount.

Outlook

We retain a BUY rating with a Revised Price Target (PT) of Rs.1,000 and will advocate re-ratings with Axis Positive.

Moneycontrol.com is the source for this information.


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