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Nirmal Bang on Muthoot Finance and Management commentary

Representative image

Essentials

Nirmal Bang continues to believe in the company’s growth prospects. “Gold bond demand is good. All players are able to increase market share, overall gold bond market is expanding” On track to deliver 15% AUM growth for FY22

Bombay: Nirmal Bang launches coverage for Muthoot Finance upgrades to ‘BUY’ rating with a target price of Rs 1854 per share. 24% Potential Advantage of CMP Rs 1494. Brokerage continues to believe in the company’s growth prospects. It believes that given the current market construction, the recent correction provides a good entry point for investors.

Muthoot is expected to deliver an EPS CAGR of 15% over FY21-24E. Over the past 12-15 months, the company has strengthened its competitive edge. On September 21, Muthoot reported a 9.2% year-over-year growth in gold tonnage. In addition, Muthoot’s standalone EPS has grown at 24% CAGR. Currently trading at 2.7x/2.2x FY23E/FY24E BVPS

George Alexander Muthoot, Managing Director, Muthoot Finance joins ET NOW in an exclusive interaction to help Outlook understand the gold lending segment and competitive landscape. “Economic activity is picking up, demand for gold bonds in the fourth quarter should be even better.

He sees better demand coming from urban and semi-urban areas,” said George Alexander Muthoot. He shares his outlook for the coming quarters and believes Q3 may not be as good as Q2, but Q4 is likely to see healthy growth. says ‘On track to deliver 15% AUM growth for FY22’.

We have seen increasing competition in the gold lending segment, especially from banks that have focused more on secured assets amid higher risks and uncertainty in the unsecured space.

Commenting on the increased participation of banks, he says there is good demand and competition from the banking sector. “There is a good demand for gold loans. All players are able to increase their market share, the total gold loan market is increasing,” said George Alexander Muthoot.

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