2 weeks Ago
Shares of 360 One Wam Ltd. will be in focus on Thursday after global brokerage firm UBS initiated coverage on the stock with a 'Buy' recommendation and a price target of ₹1,250 per share. NSE The brokerage's price target implies a potential upside of 24% from Wednesday's closing levels.
The core average recurring revenue (ARR) and the assets under management (AUM) are expected to grow at a faster rate than the overall business, with TBR being an added advantage. The company's core profitability is also expected to improve, supported by higher operating leverage. UBS mentioned that the new business opportunities in the HNWI segment and global markets present potential upside risks.
The brokerage forecasts the return on equity (RoE) to rise from 24.5% in FY24 to 32% by FY27, and further to 36-37% by FY29. Earlier in June this year, 360 One Wam had inked a definitive agreement to acquire ET Money, a digital wealth management platform.
Formerly known as IIFL Wealth Management, 360 ONE WAM had said that this acquisition will enhance its client segment coverage and solidify its position as the premier wealth management firm in the country. On Thursday, shares of 360 One Wam Ltd. settled 3.
32% higher at Rs 1,009 apiece on NSE. The stock has gained about 45% so far in 2024..
