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IPO - Angel Broking Ltd IPO - Angel Broking Ltd September 22, 2020 Issue Details Issue Opens 22 Sept 20 Issue Closes 24 Sept 20 Issue Size (Rs Cr.) 600 Face Value 10 Price Band(Rs) 305-306 Market Lot 49 shares Listing NSE, BSE About the Company Incorporated in 1996, Angel Broking Ltd is one of India's oldest stock broking houses providing broking, margin funding, advisory, and financial services through brands "Angel Broking" and "Angel Bee" powered by "ARQ". They have a strong market presence with an active clientele on the National Stock Exchange (NSE) with a market share of around 6.3% and 2.15 million operational broking accounts as of June 2020. Its digital transformation helped it in being the 4th largest company in terms of active NSE clients and 2nd largest in terms of incremental NSE clients in Q1 - FY21. Angel Broking, being a pioneer in new client activation, has access to approximately 79.55 million persons as of June 30, 2020. From Q1 FY20 to Q1 FY21, its average daily turnover has increased from Rs. 253,176 million to Rs. 618,945 million. The company’s key products and financial services to the clients are Broking and Advisory, Margin Trading Facility, Investor Education, Loans against shares, Research Services. Financial Highlights Y/E March (Rs in Cr) FY17 FY18 FY19 FY20 Q1FY21 Revenue 471.4 738.5 737.0 710.5 236.1 Net Profit 37.9 101.1 76.7 86.6 38.1 EPS(Rs) 26.4 14.04 10.65 12.03 18.7 P/E (x) 11.6 21.8 28.7 25.4 16.4 P/BV 1.4 4.9 4.4 3.9 4.1 RoE (%) 12.1 22.5 15.2 15.2 16.8 EBITDA Margin % 18.7 32.5 24.1 21.6 23.9 Investment Rationale ● As per Crisil Research, Angel Broking is one of the largest retail broking houses in India, in terms of active clients on NSE as of 30 June 2020. The company has enhanced its client base by 36.8% CAGR from 10.6 lakh in FY18 to 21.5 lakh as on 30 June 2020. In Q1FY21, the company witnessed an average monthly client addition of appx 1,15,565 clients, over a monthly average of 46,676 clients in FY20, representing a growth of 147.6%. In terms of average monthly net client addition rate, Angel Broking witnessed a 151.9% CAGR growth from FY18 to June 2020 as against industry growth rate of 43.6% CAGR. This led to a significant improvement in Angel’s market share in incremental demat accounts from 4.16% in FY18 to 14.7% in June 2020. ● Angel Broking has depicted strong capabilities to acquire customers through various diversified digital platforms. Based on its average client additions, 85.2% clients have been acquired digitally, of which 53.3% are acquired through performance marketing, either by way of organic or paid leads, 20.72% through referrals from existing clients and 11.2% through digital influencers. The balance 14.8% clients are acquired through a network of authorised persons. Peer Comparison Total income Broking income as % of Total Revenue FY20(Rs Cr) CAGR(FY17-20) FY17 FY18 FY19 FY20 Angel Broking Ltd 742.8 11% 56% 64% 71% 75% Aditya Birla Money Ltd 173.7 12% 72% 68% 56% 54% HDFC Securities Ltd 862.3 16% 76% 89% 85% 80% ICICI Securities Ltd 1722.1 7% 55% 55% 54% 55% India Infoline Ltd 643.7 8% 87% 68% 70% 67% Kotak Securities 1690 11% 60% 53% 55% - Reliance Securities Ltd 208.3 0 69% 66% 62% 66% SBI Cap 495.9 26% 45% 43% 40% - 5Paisa Capital Limited 108.1 144% 21% 77% 89% 67% Peer Comparison Contd. FY20 (Rs Cr) CAGR(FY17-20) PAT Margin PAT FY17 FY18 FY19 FY20 Angel Broking Ltd 86.6 38% 6% 14% 10% 11% Aditya Birla Money Ltd 12 25% 5% 4% 6% 7% HDFC Securities Ltd 384.2 21% 39% 43% 42% 45% ICICI Securities Ltd 536.7 17% 24% 30% 28% 31% India Infoline Ltd 142.6 23% 15% 21% 21% 22% Kotak Securities 555 15% 29% 29% 24% 33% Reliance Securities Ltd -38.8 - 0% 3% 8% -19% SBI Cap 84.9 48% 10% 21% 14% 17% 5Paisa Capital Limited -7.9 - -157% -129% -31% -7% Risks ● Angel Broking’s business is highly dependent on economic and political conditions in India and other countries. Any adverse change in global economic and political conditions may impact the volume of financial assets traded, the number of listed securities, and liquidity of the listed securities. ● Angel Broking’s business activities are subject to extensive supervision and regulation by Government and various regulatory authorities, such as SEBI, exchanges, etc. Any failure to manage controls and measures could harm the company's reputation and erode client confidence. Potential or perceived conflicts of interest may also give rise to litigation or regulatory actions which could adversely affect Angel’s business. ● Angel Broking relies on its broking and related services business for share of revenue and profitability. Any reduction in brokerage fee could have an adverse effect on business and financial performance. Apart from this, any change in business model, and in the number of orders, could also adversely impact profitability. Outlook The company’s IPO is priced at 25.4xFY20 earnings at the upper price band. Angel Broking Ltd. IPO & OFS is fairly priced at current price band, and considering its financial performance and growth prospects, the issue can be subscribed with a long term view. Disclaimer This document has been prepared by Shriram Insight Share Brokers Ltd and is meant for sole use by the recipient and not for circulation. This document is not to be reported or copied or made available to others. The information contained herein is from sources believed reliable. It should not be considered as an offer to sell or a solicitation to buy any security or as an official confirmation of any transaction. We do not represent that it is accurate or complete and it should not be relied upon as such. This document is prepared for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. The investments discussed or recommended in this report may not be suitable for all investors. Shriram Insight Share Brokers Ltd Stock Recommendation Service is a general recommendation service and is not to be construed as an individual investor-specific Portfolio Management and Advisory Service. The user assumes the entire risk of any use made of this information. Each recipient of this document should arrive at an independent evaluation of an investment in the securities of companies referred to in this document and should consult their own advisors to determine the merits and risks of such an investment. Shriram Insight Share Brokers Ltd shall not be responsible for any loss or liability incurred to the user as a consequence of his or any other person on his behalf taking any investment decisions based on the information, recommendations, research reports, analysis, quotes, etc. provided on the web site. Shriram Insight Share Brokers Ltd shall not be liable for errors, omissions or typographical errors, disruption delay, interruption, failure, deletion or defect of/in the Service provided by it. All Users of the Service in countries other than India understand that by using the Service, they may be violating the local laws in such countries. If the User chooses to access the Service from outside India, he shall be responsible for compliance with foreign and local laws. .
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