Buy ICICI Prudential, target price Rs 575: Motilal Oswal

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Buy ICICI Prudential, target price Rs 575:  Motilal Oswal


Motilal Oswal has buy call on ICICI Prudential Life Insurance Company with a target price of Rs 575. The current market price of ICICI Prudential Life Insurance Company Ltd. is Rs 499.9.

ICICI Prudential Life Insurance Company Ltd., incorporated in the year 2000, is a Large Cap company (having a market cap of Rs 71263.88 Crore) operating in Financial Services sector.

Financials
For the quarter ended 31-12-2020, the company reported a Consolidated sales of Rs 410.04 Crore, down 9.51 % from last quarter Sales of Rs 453.11 Crore and up 13.10 % from last year same quarter Sales of Rs 362.55 Crore Company reported net profit after tax of Rs 304.30 Crore in latest quarter.

Investment Rationale
The brokerage estimates IPRU to deliver a ~19% CAGR in new business APE and VNB growth at a 22% CAGR over FY21–23E – led by continued expansion in VNB margins to ~28%. Operating RoEV, on the other hand, would sustain at ~15%.


Promoter/FII Holdings
Promoters held 73.5 per cent stake in the company as of Dec 30, 2020, while FIIs held 16.3 per cent, DIIs 4.7 per cent and public and others 5.5 per cent.





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