Prabhudas Lilladher: Initiating Coverage On Muthoot Finance - A Paragon Of Gold Lending
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Prabhudas Lilladher Report
Muthoot Finance Ltd. is a market leader (18% market share) and proxy play on gold financing market in India.
The company carries robust capital (tier-I of 24%) and maintains low leverage(four times) and comes at reasonable valuations at 2.2 times price to book value (FY23E).
We expect the company to maintain market leadership in gold lending underpinned by pricing power, improved productivity and insulation from underlying collateral price fluctuations.
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