Diwali Samvat 2078

Outlook:

ISEC is a play on the increasing financialization of savings and increasing interest of retail clients in the equity markets. Over the past couple of years, ISEC has re-aligned its business model to leverage the technology platform. Despite increased competition from the discount brokers aggressively sourcing customers, ISEC has continued to maintain a respectable market share (9%). We expect the company to improve its market share over the long term. At the CMP of Rs. 755.20, ISEC is trading at PE multiple of 22.73x. Valuing the company at 18.5x FY23E EPS, we recommend buy at the current levels for the Target Price of Rs 918. Time frame should be 9-12months.

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Disclosure Appendix

Analyst Certification (For Reports)

Israil Khan, Elite Wealth  Limited, suhail@elitewealth.in

The analyst(s) certify that all of the views expressed in this report accurately reflect my/our personal views about the subject company or companies and its or their securities. I/We also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. Unless otherwise stated, the individuals listed on the cover page of this report are analysts in Elite Wealth  Limited.

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