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【出版时间及名称】：2010年3月印度金融科技行业研究报告
【作者】：MOTILAL OSWAL证券
【文件格式】：pdf
【页数】：32
【目录或简介】：
Financial Technologies (FT) operates the largest commodity (MCX)
and currency exchange (MCX-SX) in India. The company has evolved
from a technology provider for exchanges to an incubator of exchanges
and provider of related services such as clearing, warehousing, collateral
management, risk management and data needs of users through
“ecosystem” ventures. Its in-house technology enables it to set up
exchanges at a cost and time-to-market advantage compared with
international exchanges. The company's current portfolio includes ten
exchanges and six ecosystems across Asia and Africa, trading in assets
such as commodities, currencies, energy and equity.
MCX, MCX-SX key value drivers: With initial investments of
US$10m-50m, the company has incubated exchange successes across
commodity (MCX) and currency (MCX-SX), which have [1] market
leadership with market shares of 83% and 51% respectively, [2]
monetization at entity valuations of about US$1b, and [3] provided the
venture capital to incubate four new exchanges. We expect MCX and
MCX-SX to contribute 41% to our target price for FT. The success of
its new exchanges could provide upsides to our estimates.
Play on non-linearity across ventures: FT is a play on operating
leverage with increased sales coming with increasing margins across
all its ventures. Over FY09-12, we expect [1] EBITDA CAGR of
30% (v/s revenue CAGR of 12%) in the technology business, [2]
EBITDA CAGR of 56% (v/s revenue CAGR of 33%) in MCX, [3]
PAT CAGR of 40% (v/s revenue CAGR of 24.5%) in NBHC.
Technology business – fuel for the fire: Brokerage solutions/
exchange solutions for setting up exchanges fuel FT’s ventures across
asset categories. In brokerage solutions, the company has a leadership
position with over 80% market share in India, with more than 480,000
active licenses of its flagship product ODIN and presence at even
competing exchanges like NSE, BSE, NMCE and NCDEX. We expect
the technology business to contribute 34% of its target price and expect
it to continue to be the key differentiator in reducing time to market
and capturing downstream revenue.
Initiate coverage with a Buy, target price of Rs1,822: We value
the stock based on the SOTP valuation, valuing [1] core business at
13x FY12 earnings in line with mid-cap IT valuations, [2] MCX at 18x
FY12 earnings, [3] MCX-SX at 1.1x strategic sales valuation, [4] NBHC
at 13x FY12 earnings, and [5] other investments at 1.5x invested capital.
We initiate coverage with a Buy and a target price of Rs1,822.
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