Angel One Ltd - Stock Valuation and Financial Performance

BSE: 543235 | NSE: ANGELONE | Finance - Stock Broking | Small Cap

Angel One Share Price

2,209.90 -101.40 -4.39%
as on 14-Feb'25 16:59

DeciZen - make an informed investing decision on Angel One

Overall Rating
Bole Toh

1. Quality

2. Valuation

Undervalued

3. Price Trend

Angel One stock performance -

mw4me loader
P/E Ratio (SA):
14.44
Market Cap:
19,949.3 Cr.
52-wk low:
2,027.3
52-wk high:
3,502.6

Is Angel One Ltd an attractive stock to invest in?

1. Is Angel One Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Angel One Ltd is a average quality company.

2. Is Angel One Ltd undervalued or overvalued?

The key valuation ratios of Angel One Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.

3. Is Angel One Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Angel One Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Angel One:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Angel One Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 5.5%18.4%12.8%9.7%18.8%12.9%13.8%26.5%35.3%44.6%-
Value Creation
Index
-0.60.4-0.1-0.30.4-0.10.00.91.62.3-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 2343453643487347377111,2502,2702,9845,488
Sales YoY Gr.-47%5.6%-4.3%110.7%0.4%-3.6%76%81.6%31.4%-
Adj EPS 0.95.43.62.914.210.71235.574.2105.7153.1
YoY Gr.-509%-34.5%-18.9%391.3%-24.7%13%195%109.1%42.4%-
BVPS (₹) 3639.942.143.562.569.878.5134.2184.9246.6615.7
Adj Net
Profit
6.438.925.520.710276.786.62906158821,382
Cash Flow from Ops. -123-11.8-140-269-318654622-1,166552717-
Debt/CF from Ops. -1.2-15-2.2-2.6-3.41.30.8-12.31.1-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 32.7%32.4%61.3%31.4%
Adj EPS 70%49.5%106.4%42.4%
BVPS23.8%31.6%46.4%33.3%
Share Price - - 19% -32.5%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
2.514.38.76.726.716.116.234.946.849.135.5
Op. Profit
Mgn %
4.819.715.3-1031.724.221.934.640.24340.1
Net Profit
Mgn %
2.711.375.913.910.412.223.227.129.625.2
Debt to
Equity
0.60.612.22.41.70.91.10.80.4-
Working Cap
Days
395325397713550616486543445291480
Cash Conv.
Cycle
-127-9033277-211-411-587-920-1,123-1,147115

Recent Performance Summary

Sales growth is growing at healthy rate in last 3 years 61.34%

Net Profit is growing at healthy rate in last 3 years 106.35%

Debt to equity has declined versus last 3 years average to 0.38

Sales growth is good in last 4 quarters at 50.01%

Return on Equity has declined versus last 3 years average to 35.50%

Latest Financials - Angel One Ltd.

Standalone Consolidated
TTM EPS (₹) 153.1 148.2
TTM Sales (₹ Cr.) 5,488 5,540
BVPS (₹.) 615.7 615.9
Reserves (₹ Cr.) 5,468 5,469
P/BV 3.59 3.59
PE 14.44 14.92
From the Market
52 Week Low / High (₹) 2027.25 / 3502.60
All Time Low / High (₹) 223.00 / 3900.35
Market Cap (₹ Cr.) 19,949
Equity (₹ Cr.) 90.3
Face Value (₹) 10
Industry PE 19.7

Management X-Ray of Angel One:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Angel One: Result Update - Q2 FY24 - 17 Oct 2023

Particulars

Q2FY24

YoY Trend

Comments

Revenue

1,048

+41%

Market share stood at 14.3%. On account of the increase in trade volumes. Commodity market share at 56.6%
EBIDTA

443

+40%

Average Daily T/O stood at Rs. 338 Billion 
Margins

42.3%

-10 bps

 
PAT

304

+43%

 

Robust results on account of an increase in market share aided by an increase in active clients to 4.9 million.

ANGEL ONE: Q4FY23 Result Update - 21 Apr 2023

The company has recorded net revenue of Rs 644 Cr, growing 12% QoQ and 26.9% YoY. The cumulative net revenue for the year stands at Rs 2,291 Cr, growing 36.8% YoY.

The company has recorded a profit after tax of Rs 267 Cr for the quarter, growing 17.1% QoQ and 30.4% YoY. The cumulative PAT for the entire year was Rs 890 Cr reflecting a growth of 42.4% YoY.

Good results on account of positive earnings growth, steady market share and stable ARPU. 

We have recently included this company in our coverage. Click to read detailed Coverage Note.

 

Intiating Coverage : Angel One Ltd - 03 Apr 2023

Angel One Ltd (AO) is a diversified financial services company and is primarily engaged in the business of stock, commodity and currency broking, institutional broking, providing margin trading facility, depository services and distribution of mutual funds, lending as a NBFC and corporate agents if insurance companies

Industry Overview

As of Jan 2023 only Cr demat account (accounting 5.1% of the Indian population) have been opened in India. This reflects an inflection point in Indian brokerage industry, where 13.7% in China and 32% in the US population have demat.

Net Household Financial Savings has grown at CAGR of 15.7% fromINR 8,321 Billion to 23,037 Billion. Financial assets as a percentage of savings have increased 36% in FY14 to 52% in FY21 of household savings. Increase in financial literacy, mobile penetration, growing awareness and opening up of Jan Dhan bank accounts; demand for financial products are expected to push demand further. Pandemic led growth in demat, awareness regarding equity as asset class, and young demographics will keep momentum sustaining.

Another noteworthy trend here is the rise of discount brokers like Angel One. Since past many quarters it has been observed that approximately 75% of incremental active clients were added by top five digital players of this industry. Discount brokerages market share is forecasted to reach 65% of demat accounts by FY25.

Business Model

Broking

Angel has transformed itself from being a traditional broker to adopting a completely digital model, offering a seamless online trading platform through its mobile app, website and call centre support. It has shifted to flat fee brokerage from percentage charged brokerage in this transformation. It currently has a market share of 12% in active clients on the NSE, which has increased from 4.8% in Q1 FY20; market share in Equity ADTO has surged from 3.7% to 21.2% in Q4FY22. It has emerged to be India’s third-largest broker with 6.5m total clients and 2.5m active clients on the NSE.

Angel earns revenue by charging fee on trades executed by clients in intraday, F&O, Currencies & Commodities segments.

Financial Services

Margin Trading Facility: AO provides margin trading facility to clients for leveraging their eligible collaterals by funding their requirements on the cash delivery segment of equities

Distribution: The Company undertakes distribution of third-party financial products such as mutual funds, and health and life insurance products, according to its clients’ requirements. Such distribution is undertaken through both, its offline channels and digital platforms, “Angel Broking” and “Angel BEE”.

Loans against shares: Through its Subsidiary, AFPL, which is registered as an NBFC, the company provides loans against shares to its retail clients.

Business Performance

Angel One has turnaround in its strategy since 2016, moving from physical to digital brokerage. In 2019 company adopted overall digital ecosystem from acquisition, on boarding, trade execution, and advisory. It also shifted to flat fee plan (94% clients addition under flat fee plan), from traditional percent based plan.

Check 10 year X-ray here

 

FY 22

FY 21

NSE Active Clients

3.7 Million

1.56  Million

NSE Active Client Share

10.1%

8.3%

F&O Market Share

21.2%

20.9%

Number of Orders

211 Million

218 Million

 

Management

Mr Dinesh D. Thakkar - Chairman & Managing Director

Mr Prabhakar Tiwari- Chief Growth Officer

Mr Ketan B Shah - Chief Strategy Officer

Competition

Angel faces competition from discount brokerages like Zerodha (19% market share), Upstox (9.9%), Groww (15.2%) as well various traditional brokerages who provide additional services like research to its clients.

Risks

Broking business is highly correlated to market returns and volatility, period of low returns or volatility can reduce participation.

Competition is high in this business; there is no product/service differentiation in discount brokers.

Lower growth and penetration of demat accounts addition & decrease in trading activity as well order executed.

Recent exit of Narayan Gangadhar who joined as the CEO of Angel in April 2021.

Key Ratios of Angel One

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Income3643864717527637431,2902,2743,0024,255
Interest Income3453643487347377111,2502,2702,9844,247
Other Income 2023123182632393188
Expenditure 3043474436036446268921,4511,8212,736
Interest Expense 192950896750437491137
Operating Expenses 2753073854995555337951,3631,6872,504
Provisions 1012816224354144395
Exceptional Items 0000000000
Profit Before Tax 6140281491191173988231,1811,519
Taxes 22147474230108208299385
Profit After Tax 39252110277872906158821,133
Adjusted EPS (₹)5.43.62.914.210.712.035.574.2105.7134.9
Dividend Payout Ratio (%)16%32%47%96%25%22%36%37%38%26%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24

Equity and Liabilities

Equity Capital2863033124505045691,1021,5462,1152,999
Share Capital 14141472727282838384
Reserves 2722882983784324971,0201,4632,0312,915
Minority Interest0000000000
Long Term Borrowings123123162150-6-45746
Current Liabilities 4486241,2251,8181,6601,5883,9326,1025,89810,300
Trade Payables2102514436156379392,2764,0674,0717,196
Short term borrowings1513056971,0648644861,1701,2577832,648
Other Liabilities-361-556-1,140-1,679-1,502-1,425-3,447-5,324-4,854-9,844
Total Liabilities 7359291,5412,3912,3262,3085,0287,6438,01714,046

Assets

Non Current Asset 2402102103424436271,6014024692,374
Loan Asset 0000000000
Other Non Current Asset 2402102103424436271,6014024692,374
Current Asset 4967181,3302,0501,8831,6813,4277,2427,54811,672
Current Investment0000000000
Other Current Asset4967181,3302,0501,8831,6813,4277,2427,54811,672
Total Assets 7359291,5412,3912,3262,3085,0287,6438,01714,046

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Cash Flow From Operating Activity -12-140-269-318654622-1,166552717-239
Cash Flow From Investing Activity 6-11938-9-42-39-98-553
Cash Flow From Financing Activity 1296334253-308-445896-163-9081,448
Net Cash Flow 6-5574-28337174-268350-289656
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24

Operational & Financial Ratios

EPS (₹)2718141411123574106135
DPS (₹)467143313274035
BVPS (₹)199211218637079134185247347

Performance Ratios

ROA (%)5.33.11.75.23.33.77.99.711.310.3
ROE (%)14.38.76.726.716.116.234.946.849.145.6
ROCE (%)18.412.89.718.812.913.826.535.344.638.7

Valuation Parameters

Price/Book(x)0.00.00.00.00.00.02.28.34.78.8

Angel One Ltd Stock News

Angel One Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Angel One on 14-Feb-2025 16:59 is ₹2,209.9.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 14-Feb-2025 16:59 the market cap of Angel One stood at ₹19,949.3.
The latest P/E ratio of Angel One as of 14-Feb-2025 16:59 is 14.44.
The latest P/B ratio of Angel One as of 14-Feb-2025 16:59 is 3.59.
The 52-week high of Angel One is ₹3,502.6 and the 52-week low is ₹2,027.3.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Angel One is ₹5,488 ( Cr.) .

About Angel One Ltd

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