ICICI Securities Ltd: Fundamental Analysis, Share Price Insights & Intrinsic Value (2024)

Share Price and Basic Stock Data

Last Updated: December 21, 2024, 2:25 am

Market Cap	27,034 Cr.
Current Price	832
High / Low	922/672
Stock P/E	13.1
Book Value	138
Dividend Yield	3.49 %
ROCE	19.7 %
ROE	50.1 %
Face Value	5.00
PEG Ratio	1.03

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

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Competitors of

Stock Name	Market Cap	Current Price	High / Low	Stock P/E	Book Value	Dividend Yield	ROCE	ROE	Face Value
Multipurpose Trading & Agencies Ltd	5.23 Cr.	10.6	13.3/7.81	29.1	10.2	0.00 %	4.44 %	3.91 %	10.0
Munoth Financial Services Ltd	34.4 Cr.	67.0	81.3/54.6		21.2	0.00 %	1.71 %	1.79 %	10.0
Nam Securities Ltd	72.5 Cr.	134	198/65.6	201	21.2	0.00 %	4.16 %	3.05 %	10.0
Naperol Investments Ltd	733 Cr.	1,275	2,041/801	748	3,204	0.00 %	0.08 %	0.05 %	10.0
Inani Securities Ltd	13.2 Cr.	29.0	42.0/20.5	9.10	42.2	0.00 %	10.6 %	6.92 %	10.0
Industry Average	3,918.52	N/A		2,740.82	N/A	N/A	14.89	15.33	N/A

All Competitor Stocks of

Quarterly Result

Month	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024
Sales	745	856	942	892	794	858	879	885	934	1,249	1,323	1,543	1,641
Expenses	275	313	333	329	311	335	330	337	363	439	412	464	506
Operating Profit	470	544	608	563	483	523	549	548	571	810	911	1,079	1,135
OPM %	63%	63%	65%	63%	61%	61%	62%	62%	61%	65%	69%	70%	69%
Other Income	2	0	0	1	1	7	1	0	0	-0	1	1	3
Interest	42	58	83	91	100	108	153	175	185	215	261	327	394
Depreciation	14	15	16	17	16	19	19	21	22	26	27	34	37
Profit before tax	417	471	510	455	367	404	377	353	364	569	624	720	708
Tax %	25%	25%	25%	25%	25%	26%	26%	26%	26%	26%	25%	25%	26%
Net Profit	311	351	380	340	274	300	281	263	271	424	466	537	527
EPS in Rs	9.63	10.89	11.79	10.55	8.48	9.31	8.70	8.14	8.39	13.11	14.41	16.59	16.28

Last Updated: October 17, 2024, 9:22 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: October 17, 2024, 9:22 am

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
Sales	706	812	1,210	1,125	1,403	1,861	1,725	1,721	2,586	3,435	3,422	5,049	5,756
Expenses	553	634	711	707	838	942	912	823	993	1,250	1,313	1,678	1,821
Operating Profit	153	178	499	417	566	919	813	898	1,593	2,185	2,109	3,372	3,935
OPM %	22%	22%	41%	37%	40%	49%	47%	52%	62%	64%	62%	67%	68%
Other Income	0	-0	-2	-1	1	-2	1	3	-1	4	4	2	5
Interest	31	25	31	26	29	50	42	86	107	274	536	987	1,196
Depreciation	14	13	16	16	15	15	15	61	54	63	75	109	123
Profit before tax	109	140	450	374	522	852	757	753	1,431	1,853	1,501	2,278	2,621
Tax %	34%	36%	35%	36%	35%	35%	35%	28%	25%	25%	26%	26%
Net Profit	72	89	294	239	339	553	491	542	1,068	1,383	1,118	1,697	1,953
EPS in Rs	0.89	1.11	3.65	2.96	4.20	17.18	15.23	16.82	33.14	42.85	34.62	52.47	60.39
Dividend Payout %	42%	45%	55%	67%	61%	32%	62%	65%	65%	56%	55%	55%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2013-2014	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024
YoY Net Profit Growth (%)	23.61%	230.34%	-18.71%	41.84%	63.13%	-11.21%	10.39%	97.05%	29.49%	-19.16%	51.79%
Change in YoY Net Profit Growth (%)	0.00%	206.73%	-249.04%	60.55%	21.29%	-74.34%	21.60%	86.66%	-67.55%	-48.66%	70.95%

has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2013-2014 to 2023-2024.

Growth

Compounded Sales Growth
10 Years:	20%
5 Years:	24%
3 Years:	25%
TTM:	57%

Compounded Profit Growth
10 Years:	34%
5 Years:	28%
3 Years:	17%
TTM:	66%

Stock Price CAGR
10 Years:	%
5 Years:	19%
3 Years:	3%
1 Year:	14%

Return on Equity
10 Years:	57%
5 Years:	54%
3 Years:	51%
Last Year:	50%

Last Updated: Unknown

Balance Sheet

Last Updated: November 14, 2024, 11:33 pm

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	161	161	161	161	161	161	161	161	161	161	161	162	162
Reserves	51	88	191	237	329	687	886	1,048	1,661	2,269	2,691	3,761	4,303
Borrowings	270	317	227	173	395	677	452	1,657	3,630	7,846	9,408	16,887	22,262
Other Liabilities	359	1,006	784	826	1,162	1,349	3,165	1,576	2,729	3,370	3,308	4,814	4,967
Total Liabilities	840	1,573	1,363	1,397	2,047	2,874	4,665	4,443	8,181	13,646	15,569	25,623	31,694
Fixed Assets	33	35	35	35	35	38	44	198	161	184	258	540	631
CWIP	3	2	4	2	3	4	4	8	8	14	31	19	19
Investments	3	100	1	1	2	4	3	2	3	11	8	19	23
Other Assets	802	1,436	1,323	1,358	2,008	2,828	4,614	4,234	8,009	13,438	15,272	25,045	31,021
Total Assets	840	1,573	1,363	1,397	2,047	2,874	4,665	4,443	8,181	13,646	15,569	25,623	31,694

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Cash from Operating Activity +	165	71	2,289	-1,878	-1,610	-2,597	-674	-5,621
Cash from Investing Activity +	-17	-21	-21	-23	-40	-69	-125	-257
Cash from Financing Activity +	-54	6	-561	559	1,417	3,130	266	5,715
Net Cash Flow	94	56	1,707	-1,342	-233	464	-533	-163

Free Cash Flow

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Free Cash Flow	-117.00	-139.00	272.00	244.00	171.00	242.00	361.00	897.00	-2.00	-5.00	-7.00	-13.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	50	242	52	95	185	61	101	19	65	41	83	69
Inventory Days
Days Payable
Cash Conversion Cycle	50	242	52	95	185	61	101	19	65	41	83	69
Working Capital Days	-64	-135	-125	-73	-51	-152	-461	-81	-220	-260	-137	-178
ROCE %		31%	84%	70%	76%	75%	53%	38%	37%	27%	18%	20%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
Promoters	74.89%	74.89%	74.87%	74.86%	74.85%	74.85%	74.83%	74.79%	74.77%	74.74%	74.65%	74.58%
FIIs	6.58%	7.32%	7.10%	7.43%	7.77%	8.75%	9.48%	10.06%	10.33%	10.43%	9.31%	10.45%
DIIs	7.79%	7.08%	6.75%	6.24%	5.82%	5.06%	5.08%	6.20%	6.35%	7.38%	10.02%	9.06%
Public	10.74%	10.71%	11.28%	11.47%	11.56%	11.35%	10.60%	8.93%	8.55%	7.44%	6.02%	5.88%
No. of Shareholders	1,73,248	1,86,875	1,93,295	1,91,509	1,76,574	1,72,788	1,65,923	1,38,563	1,30,734	1,25,307	1,29,865	1,16,342

Shareholding Pattern Chart

No. of Shareholders

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
Kotak ELSS Tax Saver Fund	2,545,156	3.42	222.17	483,829	2024-12-19	426.04%
Kotak Multicap Fund	1,977,212	1.12	172.59	483,829	2024-12-19	308.66%
WhiteOak Capital Flexi Cap Fund	1,562,465	3.22	136.39	483,829	2024-12-19	222.94%
Kotak Equity Savings Fund - Regular Plan	905,916	1.03	79.08	483,829	2024-12-19	87.24%
Kotak Multi Asset Allocation Fund	696,597	0.8	60.81	483,829	2024-12-19	43.98%
Sundaram Multi Asset Allocation Fund	520,394	1.85	45.43	483,829	2024-12-19	7.56%
Whiteoak Capital Large & Mid Cap Fund	488,294	2.81	42.62	483,829	2024-12-19	0.92%
Sundaram Financial Services Opportunities Fund	483,829	2.82	42.23	483,829	2024-12-19	0%
Sundaram Financial Services Opportunities Fund - Institutional Plan	483,829	2.82	42.23	483,829	2024-12-19	0%
Axis Small Cap Fund	436,388	0.15	38.09	483,829	2024-12-19	-9.81%

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 24	Mar 23	Mar 22	Mar 21	Mar 20
FaceValue	5.00	5.00	5.00	5.00	5.00
Basic EPS (Rs.)	52.51	34.62	42.86	33.14	16.83
Diluted EPS (Rs.)	52.22	34.54	42.69	33.08	16.81
Cash EPS (Rs.)	55.84	36.94	44.78	34.82	18.73
Book Value[Excl.RevalReserv]/Share (Rs.)	121.30	88.35	75.32	56.54	37.55
Book Value[Incl.RevalReserv]/Share (Rs.)	121.30	88.35	75.32	56.54	37.55
Revenue From Operations / Share (Rs.)	156.15	105.80	106.45	80.26	52.97
PBDIT / Share (Rs.)	104.32	65.43	67.84	49.41	27.96
PBIT / Share (Rs.)	100.95	63.10	65.90	47.73	26.05
PBT / Share (Rs.)	70.43	46.49	57.42	44.40	23.37
Net Profit / Share (Rs.)	52.47	34.62	42.85	33.14	16.82
NP After MI And SOA / Share (Rs.)	52.47	34.62	42.85	33.14	16.82
PBDIT Margin (%)	66.81	61.84	63.72	61.56	52.79
PBIT Margin (%)	64.65	59.64	61.90	59.47	49.19
PBT Margin (%)	45.10	43.94	53.93	55.32	44.12
Net Profit Margin (%)	33.60	32.71	40.25	41.28	31.76
NP After MI And SOA Margin (%)	33.60	32.71	40.25	41.28	31.76
Return on Networth / Equity (%)	43.25	39.18	56.88	58.60	44.81
Return on Capital Employeed (%)	70.37	59.54	69.24	62.01	25.25
Return On Assets (%)	6.62	7.17	10.13	13.05	12.19
Long Term Debt / Equity (X)	0.00	0.00	0.00	0.00	1.24
Total Debt / Equity (X)	4.26	3.26	3.19	1.93	1.24
Asset Turnover Ratio (%)	0.24	0.23	0.31	0.41	0.37
Current Ratio (X)	1.18	1.24	1.25	1.37	3.56
Quick Ratio (X)	1.16	1.16	1.23	1.28	2.81
Dividend Payout Ratio (NP) (%)	40.46	64.98	57.74	44.50	59.14
Dividend Payout Ratio (CP) (%)	38.02	60.89	55.24	42.35	53.12
Earning Retention Ratio (%)	59.54	35.02	42.26	55.50	40.86
Cash Earning Retention Ratio (%)	61.98	39.11	44.76	57.65	46.88
Interest Coverage Ratio (X)	3.42	3.94	8.00	14.84	10.43
Interest Coverage Ratio (Post Tax) (X)	2.72	3.08	6.05	10.95	7.27
Enterprise Value (Cr.)	28903.45	16313.11	22186.38	11938.86	8014.86
EV / Net Operating Revenue (X)	5.72	4.78	6.46	4.62	4.70
EV / EBITDA (X)	8.57	7.72	10.14	7.50	8.90
MarketCap / Net Operating Revenue (X)	4.65	4.04	5.84	4.75	5.23
Retention Ratios (%)	59.53	35.01	42.25	55.49	40.85
Price / BV (X)	5.98	4.84	8.25	6.75	7.38
Price / Net Operating Revenue (X)	4.65	4.04	5.84	4.75	5.23
EarningsYield	0.07	0.08	0.06	0.08	0.06

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of as of December 21, 2024 is: 937.32

Calculation basis:

Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

As of December 21, 2024, is Undervalued by 12.66% compared to the current share price 832.00

Intrinsic Value of as of December 21, 2024 is: 1,056.84

Calculation basis:

Intrinsic value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the intrinsic value of the stock by analyzing its fundamental indicators along with EPS growth.

As of December 21, 2024, is Undervalued by 27.02% compared to the current share price 832.00

Last 5 Year EPS CAGR: 12.75%

*Investments are subject to market risks

Strength and Weakness

Strength	Weakness
The stock has a high average ROCE of 44.08%, which is a positive sign. The stock has a low average Working Capital Days of -161.42, which is a positive sign. The company has shown consistent growth in sales (118.62 cr) and profit (304.92 cr) over the years.	The stock has a high average Cash Conversion Cycle of 88.58, which may not be favorable. The company has higher borrowings (4,938.54) compared to reserves (1,400.15), which may suggest financial risk.

Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in :
1. Net Profit Margin: 33.6%
  - Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
2. ROCE: 70.37% (Industry Average ROCE: 14.89%)
  - ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
3. ROE%: 43.25% (Industry Average ROE: 15.33%)
  - ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
4. Interest Coverage Ratio (Post Tax): 2.72
  - Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
5. Quick Ratio: 1.16
  - Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
6. Stock P/E: 13.1 (Industry average Stock P/E: 2)
  - Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
7. Total Debt / Equity: 4.26
  - Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
Stock Rating:

About the Company - Qualitative Analysis

ICICI Securities Ltd. is a Public Limited Listed company incorporated on 09/03/1995 and has its registered office in the State of Maharashtra, India. Company’s Corporate Identification Number(CIN) is L67120MH1995PLC086241 and registration number is 086241. Currently Company is involved in the business activities of Security and commodity contracts brokerage. Company’s Total Operating Revenue is Rs. 3434.56 Cr. and Equity Capital is Rs. 161.34 Cr. for the Year ended 31/03/2022.

INDUSTRY	ADDRESS	CONTACT
Finance & Investments	ICICI Venture House, Appasaheb Marathe Marg, Mumbai Maharashtra 400025	investors@icicisecurities.com http://www.icicisecurities.com

Management
Name	Position Held
Mr. Vinod Kumar Dhall	Chairman & Ind.Director
Mr. Vijay Chandok	Managing Director & CEO
Mr. T K Srirang	Joint Managing Director
Mr. Ajay Saraf	Executive Director
Mr. Prasanna Balachander	Non Executive Director
Mr. Rakesh Jha	Non Executive Director
Dr. Gopichand Katragadda	Independent Director
Mr. Ashvin Parekh	Independent Director
Mr. Subrata Mukherji	Independent Director
Ms. Vijayalakshmi Iyer	Independent Director

FAQ

What is the latest intrinsic value of ICICI Securities Ltd?

The latest intrinsic value of ICICI Securities Ltd as on 21 December 2024 is ₹937.32, which is 12.66% higher than the current market price of ₹832.00. The stock has a market capitalization of 27,034 Cr. and recorded a high/low of 922/672 during the current fiscal year 2024-2025. As of Sep 2024, the company has reserves of ₹4,303 Cr and total liabilities of ₹31,694 Cr.

What is the Market Cap of ICICI Securities Ltd?

The Market Cap of ICICI Securities Ltd is 27,034 Cr..

What is the current Stock Price of ICICI Securities Ltd as on 21 December 2024?

The current stock price of ICICI Securities Ltd as on 21 December 2024 is 832.

What is the High / Low of ICICI Securities Ltd stocks in FY 2024-2025?

In FY 2024-2025, the High / Low of ICICI Securities Ltd stocks is 922/672.

What is the Stock P/E of ICICI Securities Ltd?

The Stock P/E of ICICI Securities Ltd is 13.1.

What is the Book Value of ICICI Securities Ltd?

The Book Value of ICICI Securities Ltd is 138.

What is the Dividend Yield of ICICI Securities Ltd?

The Dividend Yield of ICICI Securities Ltd is 3.49 %.

What is the ROCE of ICICI Securities Ltd?

The ROCE of ICICI Securities Ltd is 19.7 %.

What is the ROE of ICICI Securities Ltd?

The ROE of ICICI Securities Ltd is 50.1 %.

What is the Face Value of ICICI Securities Ltd?

The Face Value of ICICI Securities Ltd is 5.00.