KFin IPO: 31st March 2021 mai KFin ko 64.51 crore ka loss hua. Lekin phir 30 September 2021 mai company ne 67.8 crore ka profit report kia aur fir September 30 2022 mai, Rs 85.35 crore ka net profit dikhaya on a total income of Rs. 353.76 crore.
Pichle teen fiscal mai KFin ne 3.30 ka EPS dikhaya hai aur average RoNW 9.47% ka.
Company ka total revenue ghat-ta badha hai, lekin total borrowings year on year kam hi hua hai
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Ab Peer Comparison
KFin ka market currently duopolistic hai jahan Computer Age Management Services (CAMS) market leader hai aur Kfin, other service provider. Dono ko compare kiya jaye toh CAMS ka market cap, revenue, EBITDA, RONW, EPS, NAV, P/E sabhi better hain.
KFin ka issue price range hai Rs 347-366 per share. Jissey Kfin ka valuation hota hai kuch Rs 6,133 crore. Ab yeh CAMS ke market valuation ke hisaab se kaafi discount mai hai. Lekin, CAMS ka listing 2 saal pehle hua aur company ka valuation bhi ab kaafi gir gaya hai .
Abhi CAMS ke shares down hai almost 20 percent lekin iss share ne apne IPO investors ko 63 percent tak ka returns dia hai. Jab fund houses ka performance kharab hone laga, company ke growth ka concern aaya. Aur ab KFin ko leke bhi yehi concern hai.
Analysts ke hisaab se, “Kfin needs to show solid growth to interest investors and distinguish itself from CAMS.”
Aur isiliye KFin ka valuation jo apne FY23 EPS se 32 times zyada hai itna attractive nahi lag raha hai, even if it comes at a deep discount to CAMS’ 39 times.
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KFin IPO: Iske alawa kuch Risk Factors bhi hain
Pichle promoters ko ED investigate kar rahi hai. Unhe 23 September 2021 mai money laundering ke case mai summon aaya tha. Aur iss investigation ka outcome company aur share price, dono ke liye hi negative saabit ho sakta hai.
FY20, FY21, FY22 aur H1FY22, H1FY23 mai company ne 53.30%, 53.69%, 53.05%, 54.99% aur 50.82%, ka revenue generate kiya apne top 5 customers se. Isliye agar yeh company apne top 5 clients se ek bhi lose karti hai kisi bhi wajah se toh company ke profits ko aur future prospects dono ko hi nuksaan ho sakta hai.
A decline in the growth, value and composition of AAUM of the mutual funds managed by its clients may adversely impact the average revenue earned by the company from mutual funds and may have a significant adverse impact on future revenue and profit. The average revenue earned based on AAUM from its mutual fund clients as a percentage of its revenue from operations for FY20-22 was 60.79%.
KFIN is subject to periodic inspections by SEBI and PFRDA, pursuant to its registration as an RTA and CRA, respectively. Noncompliance with observations made by SEBI and PFRDA during these inspections could expose the company to penalties and restrictions.
KFin IPO :Lekin Cons ke alawa, Company ke Key Strengths bhi hain –
- The company holds 32% market share based on the number of AIFs serviced as of September 30, 2022, which makes it one of the market leaders in this segment.
- The company has a calibrated platform with a demonstrated track record of growth and market dominance.
- KFIN’s diverse multi-asset class platform is well-positioned to benefit from strong growth across large markets in India and Southeast Asia.
- The company has a diverse clientele across various segments. It offers services to mutual funds, alternative investment funds (AIFs), wealth managers, pension and corporate issuers.
- Asset-light business model with recurring revenue model, high operating leverage, profitability and cash generation.
- It comprises an experienced management team which is supported by a prominent board of directors and marquee shareholders, as well as a robust compliance culture