MCX - Scaling New Heights; Improving Visibility: HDFC Securities

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HDFC Securities Institutional Equities

Multi Commodity Exchange of India Ltd. is up ~17/33% in the last one month/six month. The rising volumes, stable tech platform, limited regulatory risk, announcement of the new MD and CEO, and the option value linked to the launch of new products have resulted in outperformance versus peers.

The stock has traded at an average one-year forward P/E of ~33 times and is currently trading at a price/earning of 47/35 times FY25/26E EPS. We increase the P/E multiple to 40 times, which implies a price-to-earnings growth of 1.1 times.

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HDFC Securities Insitutional Equities MCX - Update.pdf

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