Fundamental

Manappuram Finance



Company Overview

Manappuram Finance Limited (MFL) is a Thrissur (Kerala) based NBFC Company Incorporated in 1992; the company has been promoted by Mr. V.P. Nandakumar (current MD & CEO). Manappuram Finance Ltd. is one of India’s leading gold loan NBFCs mainly engaged in providing retail advances against gold ornaments. It has 4152 branches across 28 states/UTs with assets under management (AUM) of Rs. 14,650 crore of which its gold AUM stands at Rs. 11,328 crore as on 31st December 2017. 

Outlook & Valuation

With some stability in gold prices post demonetization, management targets to increase its gold loan book around 10%. We have an “Accumulate” rating on the stock with a target of Rs 142; valuing the stock at 3.1x FY19E adjusted book value of Rs. 45.8.


Tags: Fundamental PickManappuram Finance


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