Reliance Capital (RELCAP)
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- Victoria Houston
- 6 years ago
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1 Event Update Rating matrix Rating : Buy Target : 466 Target Period : 12 months Potential Upside : 41% Key Financials (Consolidated) crore FY10 FY11 FY12E FY13E Revenues PBT PAT Valuation summary FY10 FY11 FY12E FY13E Net Profit ( crore) * EPS (( ) % Growth P/E (x) ABV Price / Book (x) Price / Adj Book (x) RoNA (%) RoE (%) Stock data Market Capitalisation 8142 crore Net worth (Q2FY12) 7 crore 52 week H/L 634/225 Equity capital 246 Crore Face value 10 DII Holding (%) 4.9 FII Holding (%) 20.3 Price movement 7,000 5,000 3,000 1,000 Jan-11 Analyst s name Apr-11 Jul-11 Reliance Capital (R.H.S) Kajal Gandhi kajal.gandhi@icicisecurities.com Jaymin Trivedi jaymin.trivedi@icicisecurities.com Oct-11 Jan-12 Nifty (L.H.S) January 19, 2012 Stake sale provides valuation momentum Nippon Life Insurance has agreed to buy a 26% stake in Reliance Capital AMC at 1450 crore ($290 million). Reliance Capital AMC is the second largest AMC in India with an AUM of 83,206 crore as on January 12, The AMC continues to be a top contributor with 86% share in the consolidated PBT ( 75 crore in Q2FY12) of Reliance Capital as other businesses continue to make marginal profits or have losses. As of now, Reliance Capital has 93% ownership in Reliance AMC whereas 5% is held by Eton Park, acquired in Nippon Life manages assets of over $ billion. It is one of the largest FDI in the Indian mutual fund sector till date and its second investment after deploying funds in Reliance Life in We maintain our BUY rating on the stock with a target price of 466. Valuation seems attractive The valuation done at ~ 1450 crore for a 26% stake in the AMC pegs the company s worth at 5 crore ($1.1 billion). The current market capitalisation of the consolidated Reliance Capital entity is 8142 crore, pegging the AMC s business share at 68% of the current total market cap and 211 per share of Reliance Capital. Nippon Life seems to have valued Reliance Life at 6.7% of the current AUM, which is higher than deals done in the recent past. We believe that as Reliance AMC s equity proportion is higher at 32%, the valuations are fair. The Nomura-LIC AMC and L&T- Cholamandalam deals were fairly cheap between1.5% and 5.7% of AUM due to their lower equity proportions and smaller AUM sizes. We have assumed an 18% increase in FY13E AUM to 1,05,948 crore, against a 12% dip in FY12E AUM from FY11 AUM of 1,01, crore. Based on FY13E estimates, we have valued the AMC at 5% of AUM to 200 per share. Exhibit 1: AMC P&L Q1FY11 Q2FY11 Q3FY11 Q4FY11 Q1FY12 Q2FY12 YoY (%) QoQ(%) Gross Income PBT Source: Company Quarterly Presentation, ICICIdirect.com Research We expect Reliance AMC to report a profit 211 crore for FY13E and 178 crore for FY12E based on expected AUMs. We have not factored in capital gains arising from the current AMC stake sale as the transaction is subject to regulatory approvals and there remains uncertainty of year in which gains will be booked. Exhibit 2: Deal at current AUM levels (12 th January,2012 closing AUM) ( crore) Current AUM' Value for 26% stake 1450 Value derived for 100% stake 5577 Valuation as a % of AUM 6.7 Value per share of Reliance Capital (Rs) 211 Reliance Capital (RELCAP) 331 Source: Company, ICICIdirect.com Research ICICI Securities Ltd Retail Equity Research
2 Exhibit 3: Reliance Capital AMC s AUM Q3FY09 Q4FY09 Q1FY10 Q2FY10 Q3FY10 Q4FY10 Q1FY11 Q2FY11 Q3FY11 Q4FY11 ( Billion) Q1FY12 Q2FY12 Jan'2012 Source: Company Quarterly Presentation, ICICIdirect.com Research Exhibit 4: Share of Equity AUM in total AUM of top domestic mutual funds Higher the equity proportion of AUM, the greater the probability of better valuations since equity AUM provides better margins than the fixed income portfolio. This is mainly on account of a large part of the fixed income AUM being short-term in nature and remaining volatile. AMC Name Total AUM (Cr.) Equity (Cr.) Fixed income (Cr.) Others (Cr.) Equity proportion in total AUM (%) HDFC Asset Management Company Limited Reliance Capital Asset Management Limited ICICI Prudential Asset Management Company Limited Birla Sunlife Asset Management Company Limited UTI Asset Management Company Private Limited SBI Funds Management Private Limited IDFC Asset Management Company Limited Kotak Mahindra Asset Management Company Limited Tata Asset Management Limited Sundaram Asset Management Company Limited Religare Asset Management Co. Private Limited Axis Asset Management Company Ltd Canara Robeco Asset Management Company Limited IDBI Asset Management Ltd L&T Investment Management Limited LIC Nomura Mutual Fund Asset Management Company Limited Source: ACE MF, ICICIdirect.com Research Exhibit 5: Valuation of AMC deals done in recent past Deal value Deal date AUM Deal date Equity AUM Equity as a % of AUM Date Buyer Seller % of AUM Mar-08 IDFC Standard Chartered AMC Sep-09 L&T Finance DBC Cholamandalam AMC Jul-09 Nomura LIC Mutual Fund Source: Company, ICICIdirect.com Research ICICI Securities Ltd Retail Equity Research Page 2
3 Valuation We expect the operational performance to improve gradually with life insurance also turning profitable and expected to get merged soon. Capital gains from both life insurance and expected AMC stake sale to Nippon Life should boost the FY12E PAT. We believe valuations remain attractive at these levels and maintain our BUY rating on the stock with a target price of 466. Exhibit 6: Valuations Business Segment FY13E /share Reliance Life 175 Reliance general insurance 12 Reliance broking 16 Reliance AMC 200 Reliance consumer finance & others 63 Value per share of Rcap 466 Source: ICICIdirect.com Research ICICI Securities Ltd Retail Equity Research Page 3
4 ICICIdirect.com coverage universe (NBFC) IDFC NP ( Cr) EPS ( ) PE (x) P/ABV (x) RoNA (%) RoE(%) Idirect Code IDFC CMP 120 FY Target - FY12E Mcap ( Cr) Upside (%) - FY13E LICHF Idirect Code LICHF CMP 239 FY Target 232 FY12E Mcap ( Cr) Upside (%) -3.1 FY13E Rel Cap Idirect Code RELCAP CMP 331 FY * Target 466 FY12E Mcap ( Cr) 8142 Upside (%) 40.9 FY13E Exhibit 7: Recommendation History Jan-11 Mar-11 Apr-11 Jun-11 Jul-11 Sep-11 Oct-11 Dec-11 Jan-12 Price Target Price Source: Bloomberg, ICICIdirect.com Research Exhibit 8: Recent Releases Date Event CMP Target Price Rating 2-Jun-11 Q4FY11 Result Update Buy 5-Jul-11 Q1FY12 Result Preview Hold 18-Aug-11 Q1FY12 Result Update Buy 5-Oct-11 Q2FY12 Result Preview Buy 14-Nov-11 Q2FY12 Result Update Buy 6-Jan-12 Q3FY12 Result Preview Buy Source: ICICIdirect.com Research ICICI Securities Ltd Retail Equity Research Page 4
5 RATING RATIONALE ICICIdirect.com endeavours to provide objective opinions and recommendations. ICICIdirect.com assigns ratings to its stocks according to their notional target price vs. current market price and then categorises them as Strong Buy, Buy, Hold and Sell. The performance horizon is two years unless specified and the notional target price is defined as the analysts' valuation for a stock. Strong Buy: >15%/20% for large caps / midcaps, respectively, with high conviction; Buy: >10%/15% for large caps / midcaps, respectively; Hold: Up to +/-10%; Sell: -10% or more; Pankaj Pandey Head Research pankaj.pandey@icicisecurities.com ICICIdirect.com Research Desk, ICICI Securities Limited, 1 st Floor, Akruti Trade Centre, Road No. 7, MIDC, Andheri (East) Mumbai 093 research@icicidirect.com ANALYST CERTIFICATION We /I, Kajal Gandhi CA Jaymin Trivedi MBA-CM research analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our personal views about any and all of the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. Analysts aren't registered as research analysts by FINRA and might not be an associated person of the ICICI Securities Inc. Disclosures: ICICI Securities Limited (ICICI Securities) and its affiliates are a full-service, integrated investment banking, investment management and brokerage and financing group. We along with affiliates are leading underwriter of securities and participate in virtually all securities trading markets in India. We and our affiliates have investment banking and other business relationship with a significant percentage of companies covered by our Investment Research Department. Our research professionals provide important input into our investment banking and other business selection processes. ICICI Securities generally prohibits its analysts, persons reporting to analysts and their dependent family members from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover. The information and opinions in this report have been prepared by ICICI Securities and are subject to change without any notice. The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of ICICI Securities. While we would endeavour to update the information herein on reasonable basis, ICICI Securities, its subsidiaries and associated companies, their directors and employees ( ICICI Securities and affiliates ) are under no obligation to update or keep the information current. Also, there may be regulatory, compliance or other reasons that may prevent ICICI Securities from doing so. Non-rated securities indicate that rating on a particular security has been suspended temporarily and such suspension is in compliance with applicable regulations and/or ICICI Securities policies, in circumstances where ICICI Securities is acting in an advisory capacity to this company, or in certain other circumstances. This report is based on information obtained from public sources and sources believed to be reliable, but no independent verification has been made nor is its accuracy or completeness guaranteed. This report and information herein is solely for informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. ICICI Securities will not treat recipients as customers by virtue of their receiving this report. 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Investors are advised to see Risk Disclosure Document to understand the risks associated before investing in the securities markets. Actual results may differ materially from those set forth in projections. Forward-looking statements are not predictions and may be subject to change without notice. ICICI Securities and its affiliates might have managed or co-managed a public offering for the subject company in the preceding twelve months. ICICI Securities and affiliates might have received compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for services in respect of public offerings, corporate finance, investment banking or other advisory services in a merger or specific transaction. It is confirmed that Kajal Gandhi CA Jaymin Trivedi MBA-CM research analysts and the authors of this report have not received any compensation from the companies mentioned in the report in the preceding twelve months. Our research professionals are paid in part based on the profitability of ICICI Securities, which include earnings from Investment Banking and other business. ICICI Securities or its subsidiaries collectively do not own 1% or more of the equity securities of the Company mentioned in the report as of the last day of the month preceding the publication of the research report. It is confirmed that Kajal Gandhi CA Jaymin Trivedi MBA-CM research analysts and the authors of this report or any of their family members does not serve as an officer, director or advisory board member of the companies mentioned in the report. ICICI Securities may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. ICICI Securities and affiliates may act upon or make use of information contained in the report prior to the publication thereof. 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Result Update Rating matrix Rating : Buy Target : 7 Target Period : 12 months Potential Upside : 14% What s Changed? Target Changed from 6 to 7 EPS FY19E Unchanged EPS FY2E Unchanged Rating Unchanged Quarterly
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Result Update Rating matrix Rating Buy Target 660 Target Period 12 months Potential Upside 35% What s Changed? Target Unchanged EPS FY19E Changed from 61.1 to 58.9 EPS FY20E Introduced at 67.9 Rating Unchanged
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Result Update Rating matrix Rating : Buy Target : 18 Target Period : 12 months Potential Upside : 13% What s changed? Target Changed from 16 to 18 EPS Changed from 14.8 to 14.4 EPS Unchanged at 21.3 Rating
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