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Last Updated on: 13 January, 2025
Author: Getaka|Social: Getaka Financial Technology X (Earlier Twitter) Profile Getaka Financial Technology LinkedIn Logo

Max Financial Services Ltd: Fundamental Analysis, Share Price Insights & Intrinsic Value (2025)

Share Price and Basic Stock Data

Last Updated: January 12, 2025, 9:27 pm

Market Cap 37,191 Cr.
Current Price 1,078
High / Low 1,311/854
Stock P/E108
Book Value 150
Dividend Yield0.00 %
ROCE9.77 %
ROE9.21 %
Face Value 2.00
PEG Ratio4.86

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

View Share Price Target for Max Financial Services Ltd

Competitors of Max Financial Services Ltd

Stock NameMarket CapCurrent PriceHigh / LowStock P/EBook ValueDividend YieldROCEROEFace Value
SBI Life Insurance Company Ltd (SBILIFE) 1,48,139 Cr. 1,478 1,936/1,30767.9 1620.18 %13.2 %12.0 % 10.0
Max Financial Services Ltd 37,191 Cr. 1,078 1,311/854108 1500.00 %9.77 %9.21 % 2.00
ICICI Prudential Life Insurance Company Ltd 93,152 Cr. 645 797/463106 80.10.09 %8.75 %8.07 % 10.0
HDFC Life Insurance Company Ltd 1,31,030 Cr. 609 761/51177.4 72.50.33 %6.61 %11.4 % 10.0
Industry Average102,378.00 Cr952.5089.83116.150.15%9.58%10.17%8.00

All Competitor Stocks of Max Financial Services Ltd

Quarterly Result

MonthDec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
Sales8,9909,7605,9429,3256,9548,9603,2729,3168,8969,9299,16810,16512,356
Expenses8,7099,6925,8579,2706,8438,7993,1859,2388,5739,8659,04310,02112,146
Operating Profit280688555111161877832264125144209
OPM %3%1%1%1%2%2%3%1%4%1%1%1%2%
Other Income11121346353254
Interest00069999999914
Depreciation1111111111111
Profit before tax280678450101153807431558118158198
Tax %19%-4%58%4%10%6%15%17%14%10%14%-8%14%
Net Profit22770364891144686226952101170171
EPS in Rs5.101.810.611.152.173.411.631.496.521.332.544.294.30

Last Updated: Unknown

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: Unknown

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023TTM
Sales8,53110,55411,61914,90711,71015,24716,33819,51018,24031,27531,18231,41538,158
Expenses7,7709,40211,16714,18811,17914,47615,80719,00317,78830,68930,76930,86237,503
Operating Profit7601,152452718531771531507452585413554655
OPM %9%11%4%5%5%5%3%3%2%2%1%2%2%
Other Income-331615430221321361636
Interest868493828902700253737
Depreciation102137138154606322115554
Profit before tax242991274512465702530481442593389527649
Tax %2%14%24%29%15%15%17%13%38%6%18%14%
Net Profit238850209365393593442416273560318452593
EPS in Rs5.8629.535.2410.499.4714.7910.679.755.3812.337.3410.9714.68
Dividend Payout %0%41%69%48%38%0%0%0%0%0%0%0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2012-20132013-20142014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-2023
YoY Net Profit Growth (%)257.14%-75.41%74.64%7.67%50.89%-25.46%-5.88%-34.38%105.13%-43.21%42.14%
Change in YoY Net Profit Growth (%)0.00%-332.55%150.05%-66.97%43.22%-76.35%19.58%-28.49%139.50%-148.34%85.35%

Max Financial Services Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2012-2013 to 2022-2023.

Growth

Compounded Sales Growth
10 Years:15%
5 Years:19%
3 Years:14%
TTM:37%
Compounded Profit Growth
10 Years:9%
5 Years:5%
3 Years:-7%
TTM:-32%
Stock Price CAGR
10 Years:12%
5 Years:16%
3 Years:1%
1 Year:15%
Return on Equity
10 Years:11%
5 Years:10%
3 Years:9%
Last Year:9%

Last Updated: Unknown

Balance Sheet

Last Updated: November 14, 2024, 8:33 pm

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Sep 2024
Equity Capital53535353535454546969696969
Reserves2,8502,9313,2491,9122,2811,7662,0052,0933,2743,8663,4503,7975,100
Borrowings801767543000033522523523504
Other Liabilities21,02025,36631,65836,18144,40554,02265,09772,37794,710113,291127,783158,383177,119
Total Liabilities24,72429,11735,50338,14746,73955,84267,15674,52698,057117,747131,824162,771182,791
Fixed Assets1,5971,5921,200349740556556641639616614612611
CWIP92553937300000000
Investments21,09125,13432,01536,10244,05952,68363,24568,56691,766109,794123,355153,0107,613
Other Assets1,9432,3362,2491,6601,9382,6023,3565,3205,6527,3377,8549,148174,568
Total Assets24,72429,11735,50338,14746,73955,84267,15674,52698,057117,747131,824162,771182,791

Reserves and Borrowings Chart

Cash Flow

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Cash from Operating Activity +1,8872,1602,5793,8026,5267,5348,8265,4526,8928,4969,9226,107
Cash from Investing Activity +-1,796-1,908-2,311-3,541-6,290-6,951-8,789-4,991-6,852-8,835-11,555-5,004
Cash from Financing Activity +-220-213-388-187-215-116-174-383-92388-233-117
Net Cash Flow-12939-1197420466-13778-5148-1,866986

Free Cash Flow

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Free Cash Flow760.00-800.00-315.00175.00531.00771.00531.00507.00449.00582.00-109.0031.00

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

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Debtor Days22211716130000000
Inventory Days287384
Days Payable366374424
Cash Conversion Cycle-315-281-32416130000000
Working Capital Days-77-93-71-101-93-1,158-1,149-1,338-1,042-1,241-1,402-1,173
ROCE %26%8%13%13%25%19%19%16%18%10%12%10%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthSep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024
Promoters14.72%14.72%14.72%14.72%14.72%11.45%10.14%10.14%6.52%6.52%6.52%6.52%
FIIs27.72%26.08%23.26%23.76%45.76%44.80%47.70%48.46%51.54%50.89%47.70%46.60%
DIIs49.37%51.17%54.02%53.28%31.71%36.00%34.06%34.34%35.09%36.89%39.92%40.74%
Public8.19%8.03%8.00%8.24%7.81%7.74%8.09%7.05%6.85%5.69%5.84%6.14%
No. of Shareholders70,70666,72469,01468,08869,80570,91481,46367,70863,96659,68265,26067,021

Shareholding Pattern Chart

No. of Shareholders

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
HDFC Mid-Cap Opportunities Fund - Regular Plan17,616,1213.441795.443,740,0722025-01-11371.01%
Nippon India Multi Cap Fund5,150,0002.31524.893,740,0722025-01-1137.7%
Nippon India Growth Fund4,978,2432.37507.383,740,0722025-01-1133.11%
Mirae Asset Large & Midcap Fund4,091,6991.38417.033,740,0722025-01-119.4%
Mirae Asset Large Cap Fund3,740,0721.05381.193,740,0722025-01-110%
Kotak Emerging Equity Fund - Regular Plan3,592,2911366.133,740,0722025-01-11-3.95%
Canara Robeco Emerging Equities3,340,7021.81340.483,740,0722025-01-11-10.68%
Kotak Flexicap Fund - Regular Plan3,100,0000.76315.953,740,0722025-01-11-17.11%
Mirae Asset Focused Fund2,742,9543.08279.563,740,0722025-01-11-26.66%
Mirae Asset Midcap Fund2,611,5082.08266.163,740,0722025-01-11-30.17%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 24Mar 23Mar 22Mar 21Mar 20
FaceValue2.002.002.002.002.00
Basic EPS (Rs.)9.8510.977.3414.515.38
Diluted EPS (Rs.)9.8510.977.3414.515.38
Cash EPS (Rs.)11.5213.299.3716.3710.55
Book Value[Excl.RevalReserv]/Share (Rs.)127.16115.49129.95104.47104.59
Book Value[Incl.RevalReserv]/Share (Rs.)127.16115.49129.95104.47104.59
Revenue From Operations / Share (Rs.)1355.44914.19903.50906.25676.78
PBDIT / Share (Rs.)13.4416.5712.1217.3416.85
PBIT / Share (Rs.)13.3416.4311.9817.1916.43
PBT / Share (Rs.)12.0715.3411.2617.1816.42
Net Profit / Share (Rs.)11.4313.159.2316.2210.12
NP After MI And SOA / Share (Rs.)9.9011.017.3412.335.38
PBDIT Margin (%)0.991.811.341.912.48
PBIT Margin (%)0.981.791.321.892.42
PBT Margin (%)0.891.671.241.892.42
Net Profit Margin (%)0.841.431.021.781.49
NP After MI And SOA Margin (%)0.731.200.811.360.79
Return on Networth / Equity (%)8.7910.756.4312.726.75
Return on Capital Employeed (%)7.9310.597.750.600.59
Return On Assets (%)0.200.280.210.430.19
Long Term Debt / Equity (X)0.130.140.000.000.00
Total Debt / Equity (X)0.130.140.000.000.00
Asset Turnover Ratio (%)0.310.000.000.010.01
Current Ratio (X)1.021.021.032109.36189.47
Quick Ratio (X)1.021.021.032109.36189.47
Interest Coverage Ratio (X)10.5815.2016.912239.831607.00
Interest Coverage Ratio (Post Tax) (X)10.0013.0613.872095.87966.51
Enterprise Value (Cr.)34539.3521745.7325968.9729409.0110610.12
EV / Net Operating Revenue (X)0.740.690.830.940.58
EV / EBITDA (X)74.8138.2062.0749.1423.36
MarketCap / Net Operating Revenue (X)0.730.690.830.940.56
Price / BV (X)8.906.206.618.874.84
Price / Net Operating Revenue (X)0.730.690.830.940.56
EarningsYield0.010.010.010.010.01

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of Max Financial Services Ltd as of January 13, 2025 is: 1,521.86

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 January 13, 2025, Max Financial Services Ltd is Undervalued by 41.17% compared to the current share price 1,078.00

Intrinsic Value of Max Financial Services Ltd as of January 13, 2025 is: 1,860.22

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 January 13, 2025, Max Financial Services Ltd is Undervalued by 72.56% compared to the current share price 1,078.00

Last 5 Year EPS CAGR: 22.23%

*Investments are subject to market risks

Strength and Weakness

StrengthWeakness
  1. The stock has a high average ROCE of 15.75%, which is a positive sign.
  2. The stock has a low average Working Capital Days of -36.83, which is a positive sign.
  3. The stock has a low average Cash Conversion Cycle of -74.25, which is a positive sign.
  4. The company has higher reserves (2,967.23 cr) compared to borrowings (322.23 cr), indicating strong financial stability.
  5. The company has shown consistent growth in sales (19.46 cr) and profit (522.85 cr) over the years.

    Stock Analysis

    • 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 Max Financial Services Ltd:
      1. Net Profit Margin: 0.84%
        • 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: 7.93% (Industry Average ROCE: 9.58%)
        • 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%: 8.79% (Industry Average ROE: 10.17%)
        • 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): 10
        • 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: 1.02
        • 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: 108 (Industry average Stock P/E: 89.83)
        • 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: 0.13
        • 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

    No data availabale for About the Company
    INDUSTRYADDRESSCONTACT
    Industry not foundAddress not foundContact not found
    Management Data not Available

    FAQ

    What is the latest intrinsic value of Max Financial Services Ltd?

    The latest intrinsic value of Max Financial Services Ltd as on 13 January 2025 is ₹1521.86, which is 41.17% higher than the current market price of ₹1,078.00. The stock has a market capitalization of 37,191 Cr. and recorded a high/low of 1,311/854 during the current fiscal year 2024-2025. As of Sep 2024, the company has reserves of ₹5,100 Cr and total liabilities of ₹182,791 Cr.

    What is the Market Cap of Max Financial Services Ltd?

    The Market Cap of Max Financial Services Ltd is 37,191 Cr..

    What is the current Stock Price of Max Financial Services Ltd as on 13 January 2025?

    The current stock price of Max Financial Services Ltd as on 13 January 2025 is 1,078.

    What is the High / Low of Max Financial Services Ltd stocks in FY 2024-2025?

    In FY 2024-2025, the High / Low of Max Financial Services Ltd stocks is 1,311/854.

    What is the Stock P/E of Max Financial Services Ltd?

    The Stock P/E of Max Financial Services Ltd is 108.

    What is the Book Value of Max Financial Services Ltd?

    The Book Value of Max Financial Services Ltd is 150.

    What is the Dividend Yield of Max Financial Services Ltd?

    The Dividend Yield of Max Financial Services Ltd is 0.00 %.

    What is the ROCE of Max Financial Services Ltd?

    The ROCE of Max Financial Services Ltd is 9.77 %.

    What is the ROE of Max Financial Services Ltd?

    The ROE of Max Financial Services Ltd is 9.21 %.

    What is the Face Value of Max Financial Services Ltd?

    The Face Value of Max Financial Services Ltd is 2.00.

    Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Max Financial Services Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE