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BSE Limited (BSE) Report Analysis

Corporate Events

Neutral

BSE Limited - Shareholder/Analyst Call

2022-11-29 07:54:00

BSE Limited - Shareholder/Analyst Call

Negative

Bse Limited Names Sundararaman Ramamurthy as Ma...

2022-11-28 16:27:00

BSE Limited approved naming Sundararaman Ramamurthy as its managing director (MD) and chief executive officer (CEO). The top position has been...

Neutral

BSE Limited - Shareholder/Analyst Call

2022-11-22 08:47:00

BSE Limited - Shareholder/Analyst Call

Neutral

BSE Limited - Shareholder/Analyst Call

2022-11-16 06:05:00

BSE Limited - Shareholder/Analyst Call

Neutral

BSE Limited Presents at ICICI Securities India ...

2022-11-16 06:05:00

BSE Limited Presents at ICICI Securities India Financials Conference, Nov-17-2022 . Venue: Mumbai, India.

Negative

Prakash Pipes Limited Announces SOP Fine Levied...

2022-11-14 12:52:00

Prakash Pipes Limited announced that Company Secretary has placed Letter No. NSE/LIST-SOP/COMB/FTNES/0837 dated 14th October. 2022 received fr...

Neutral

ICICI Securities Limited, ICICI Securities Indi...

2022-11-14 10:15:00

ICICI Securities Limited, ICICI Securities India Financials Conference, Nov 16, 2022. Venue: Mumbai , India.

Neutral

BSE Limited, Q2 2023 Earnings Call, Nov 07, 2022

2022-10-31 12:07:00

BSE Limited, Q2 2023 Earnings Call, Nov 07, 2022

Neutral

BSE Limited - Shareholder/Analyst Call

2022-09-23 10:22:00

BSE Limited - Shareholder/Analyst Call

Neutral

BSE Limited - Shareholder/Analyst Call

2022-09-19 10:18:00

BSE Limited - Shareholder/Analyst Call

Neutral

BSE Limited to Report Q1, 2023 Results on Aug 03, 2022

2022-07-29 10:56:00

BSE Limited announced that they will report Q1, 2023 results on Aug 03, 2022

Neutral

BSE Limited, Q1 2023 Earnings Call, Aug 03, 2022

2022-07-29 10:56:00

BSE Limited, Q1 2023 Earnings Call, Aug 03, 2022

Neutral

BSE Limited - Shareholder/Analyst Call

2022-06-29 08:37:00

BSE Limited - Shareholder/Analyst Call

Neutral

BSE Limited - Shareholder/Analyst Call

2022-06-16 07:39:00

BSE Limited - Shareholder/Analyst Call

Neutral

BSE Limited - Shareholder/Analyst Call

2022-06-09 09:15:00

BSE Limited - Shareholder/Analyst Call

Neutral

BSE Limited - Shareholder/Analyst Call

2022-06-01 11:05:00

AGM

Neutral

BSE Limited, Annual General Meeting, Jul 14, 2022

2022-06-01 11:05:00

BSE Limited, Annual General Meeting, Jul 14, 2022, at 15:00 Indian Standard Time. Agenda: To receive, consider and adopt the Audited Financial...

Neutral

BSE Limited - Shareholder/Analyst Call

2022-05-23 10:37:00

BSE Limited - Shareholder/Analyst Call

Neutral

BSE Limited - Shareholder/Analyst Call

2022-05-19 06:32:00

BSE Limited - Shareholder/Analyst Call

Negative

BSE Appoints SS Mundra as Chairman

2022-05-17 09:32:00

BSE announced that its board at meeting held has approved the appointment of S. S. Mundra, Public Interest Director as the Chairman of the boa...

Neutral

BSE Limited - Shareholder/Analyst Call

2022-05-12 10:51:00

BSE Limited - Shareholder/Analyst Call

Neutral

BSE Limited, Board Meeting, May 11, 2022

2022-05-11 10:22:00

BSE Limited, Board Meeting, May 11, 2022, at 13:30 Indian Standard Time. Agenda: To consider Financial Results; to consider Final Dividend; to...

Positive

BSE Limited, 13.5 (INR), Cash Dividend, Jun-23-2022

2022-05-11 00:00:00

BSE Limited, 13.5 (INR), Cash Dividend, Jun-23-2022

Neutral

BSE Limited to Report Q4, 2022 Results on May 11, 2022

2022-04-27 12:24:00

BSE Limited announced that they will report Q4, 2022 results on May 11, 2022

Neutral

BSE Limited, Q4 2022 Earnings Call, May 11, 2022

2022-04-27 12:24:00

BSE Limited, Q4 2022 Earnings Call, May 11, 2022

Neutral

BSE Limited - Shareholder/Analyst Call

2022-04-01 05:18:00

BSE Limited - Shareholder/Analyst Call

Neutral

BSE Limited - Shareholder/Analyst Call

2022-03-29 09:12:00

BSE Limited - Shareholder/Analyst Call

Neutral

BSE Limited Presents at Spark Capital - BFSI Co...

2022-02-10 14:57:00

BSE Limited Presents at Spark Capital - BFSI Conference, Feb-11-2022 .

Neutral

Spark Capital Advisors (India) Private Limited,...

2022-02-10 10:18:00

Spark Capital Advisors (India) Private Limited, Spark Capital - BFSI Conference, Feb 10, 2022 through Feb 11, 2022.

Neutral

BSE Limited, Q3 2022 Earnings Call, Feb 08, 2022

2022-02-01 10:57:00

BSE Limited, Q3 2022 Earnings Call, Feb 08, 2022

Neutral

BSE Limited to Report Q3, 2022 Results on Feb 08, 2022

2022-02-01 10:57:00

BSE Limited announced that they will report Q3, 2022 results on Feb 08, 2022

Negative

BSE Limited Informs Resignation of Smt. Prajakt...

2022-01-17 13:28:00

BSE Limited informed that Smt. Prajakta Powle, Company Secretary and Compliance Officer has tendered her resignation from the post of Company ...

Neutral

BSE Limited - Shareholder/Analyst Call

2022-11-29 07:54:00

BSE Limited - Shareholder/Analyst Call

Negative

Bse Limited Names Sundararaman Ramamurthy as Managing Director and Chief Executive Officer

2022-11-28 16:27:00

BSE Limited approved naming Sundararaman Ramamurthy as its managing director (MD) and chief executive officer (CEO). The top position has been vacant since July when Ashishkumar Chauhan had stepped down as the chief executive of BSE and is at present the CEO of rival exchange operator NSE. Chauhan was appointed as MD and CEO of NSE in late July.

Neutral

BSE Limited - Shareholder/Analyst Call

2022-11-22 08:47:00

BSE Limited - Shareholder/Analyst Call

Neutral

BSE Limited - Shareholder/Analyst Call

2022-11-16 06:05:00

BSE Limited - Shareholder/Analyst Call

Neutral

BSE Limited Presents at ICICI Securities India Financials Conference, Nov-17-2022

2022-11-16 06:05:00

BSE Limited Presents at ICICI Securities India Financials Conference, Nov-17-2022 . Venue: Mumbai, India.

Negative

Prakash Pipes Limited Announces SOP Fine Levied by NSE and BSE

2022-11-14 12:52:00

Prakash Pipes Limited announced that Company Secretary has placed Letter No. NSE/LIST-SOP/COMB/FTNES/0837 dated 14th October. 2022 received from NSE and the email received from BSE dated 14th October. 2022 before the Board of Directors of the Company in their meeting held on 14th November. 2022 and informed the Board that both NSE and BSE had levied a fine of INR 11,800/- (including GST) each on the Company as per SEBI circular No. SEBI/HO/C FD/CMD/C IR/P/2020/12 dated January 22, 2020 for non-compliance of Regulation 42(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Neutral

ICICI Securities Limited, ICICI Securities India Financials Conference, Nov 16, 2022

2022-11-14 10:15:00

ICICI Securities Limited, ICICI Securities India Financials Conference, Nov 16, 2022. Venue: Mumbai , India.

Neutral

BSE Limited, Q2 2023 Earnings Call, Nov 07, 2022

2022-10-31 12:07:00

BSE Limited, Q2 2023 Earnings Call, Nov 07, 2022

Neutral

BSE Limited - Shareholder/Analyst Call

2022-09-23 10:22:00

BSE Limited - Shareholder/Analyst Call

Neutral

BSE Limited - Shareholder/Analyst Call

2022-09-19 10:18:00

BSE Limited - Shareholder/Analyst Call

Neutral

BSE Limited to Report Q1, 2023 Results on Aug 03, 2022

2022-07-29 10:56:00

BSE Limited announced that they will report Q1, 2023 results on Aug 03, 2022

Neutral

BSE Limited, Q1 2023 Earnings Call, Aug 03, 2022

2022-07-29 10:56:00

BSE Limited, Q1 2023 Earnings Call, Aug 03, 2022

Neutral

BSE Limited - Shareholder/Analyst Call

2022-06-29 08:37:00

BSE Limited - Shareholder/Analyst Call

Neutral

BSE Limited - Shareholder/Analyst Call

2022-06-16 07:39:00

BSE Limited - Shareholder/Analyst Call

Neutral

BSE Limited - Shareholder/Analyst Call

2022-06-09 09:15:00

BSE Limited - Shareholder/Analyst Call

Neutral

BSE Limited - Shareholder/Analyst Call

2022-06-01 11:05:00

AGM

Neutral

BSE Limited, Annual General Meeting, Jul 14, 2022

2022-06-01 11:05:00

BSE Limited, Annual General Meeting, Jul 14, 2022, at 15:00 Indian Standard Time. Agenda: To receive, consider and adopt the Audited Financial Statements (including Audited Consolidated Financial Statements) of the Company for the Financial Year ended March 31, 2022, and the Reports of the Board of Directors and Auditors thereon; to declare a final dividend of INR 13.50 per equity share, for the Financial Year ended March 31, 2022; to appoint a Director in place of Shri T. C. Suseel Kumar (DIN:06453310), Shareholder Director, who retires by rotation at this Annual General Meeting and being eligible, offers himself for re-appointment, subject to approval of Securities and Exchange Board of India; and to consider other matters.

Neutral

BSE Limited - Shareholder/Analyst Call

2022-05-23 10:37:00

BSE Limited - Shareholder/Analyst Call

Neutral

BSE Limited - Shareholder/Analyst Call

2022-05-19 06:32:00

BSE Limited - Shareholder/Analyst Call

Negative

BSE Appoints SS Mundra as Chairman

2022-05-17 09:32:00

BSE announced that its board at meeting held has approved the appointment of S. S. Mundra, Public Interest Director as the Chairman of the board of directors of the company, subject to approval of SEBI. S.S. Mundra retired as Deputy Governor of Reserve Bank of India on 30th July 2017 after completing a stint of three years. Prior to that, the last position held by him was as Chairman and Managing Director of Bank of Baroda from where he superannuated in July 2014. In a banking career spanning over four decades, Mundra held several important positions including that of Executive Director of Union Bank of India, Chief Executive of Bank of Baroda (European Operations) amongst others. He also served as RBI's nominee on the Financial Stability Board (G20 Forum) and its various committees. Mundra was also the Vice-chair of OECD's International Network on Financial Education (INFE).

Neutral

BSE Limited - Shareholder/Analyst Call

2022-05-12 10:51:00

BSE Limited - Shareholder/Analyst Call

Neutral

BSE Limited, Board Meeting, May 11, 2022

2022-05-11 10:22:00

BSE Limited, Board Meeting, May 11, 2022, at 13:30 Indian Standard Time. Agenda: To consider Financial Results; to consider Final Dividend; to consider Re-appointment of Statutory Auditor; to consider Re-appointment of Secretarial Auditor; to consider Re-appointment of Internal Auditor.

Positive

BSE Limited, 13.5 (INR), Cash Dividend, Jun-23-2022

2022-05-11 00:00:00

BSE Limited, 13.5 (INR), Cash Dividend, Jun-23-2022

Neutral

BSE Limited to Report Q4, 2022 Results on May 11, 2022

2022-04-27 12:24:00

BSE Limited announced that they will report Q4, 2022 results on May 11, 2022

Neutral

BSE Limited, Q4 2022 Earnings Call, May 11, 2022

2022-04-27 12:24:00

BSE Limited, Q4 2022 Earnings Call, May 11, 2022

Neutral

BSE Limited - Shareholder/Analyst Call

2022-04-01 05:18:00

BSE Limited - Shareholder/Analyst Call

Neutral

BSE Limited - Shareholder/Analyst Call

2022-03-29 09:12:00

BSE Limited - Shareholder/Analyst Call

Neutral

BSE Limited Presents at Spark Capital - BFSI Conference, Feb-11-2022

2022-02-10 14:57:00

BSE Limited Presents at Spark Capital - BFSI Conference, Feb-11-2022 .

Neutral

Spark Capital Advisors (India) Private Limited, Spark Capital - BFSI Conference, Feb 10, 2022 through Feb 11, 2022

2022-02-10 10:18:00

Spark Capital Advisors (India) Private Limited, Spark Capital - BFSI Conference, Feb 10, 2022 through Feb 11, 2022.

Neutral

BSE Limited, Q3 2022 Earnings Call, Feb 08, 2022

2022-02-01 10:57:00

BSE Limited, Q3 2022 Earnings Call, Feb 08, 2022

Neutral

BSE Limited to Report Q3, 2022 Results on Feb 08, 2022

2022-02-01 10:57:00

BSE Limited announced that they will report Q3, 2022 results on Feb 08, 2022

Negative

BSE Limited Informs Resignation of Smt. Prajakta Powle as Company Secretary and Compliance Officer

2022-01-17 13:28:00

BSE Limited informed that Smt. Prajakta Powle, Company Secretary and Compliance Officer has tendered her resignation from the post of Company Secretary and Compliance Officer. Smt. Powle shall be relieved from the services of the Company from closure of business hours on March 14, 2022.

Fundamental Summary

BSE released impressive Q1 results on 2022-05-11. Their positive income, growth, and value factors indicate that it is likely to continue to produce impressive results for the foreseeable future, as well. These results lead us to believe that there should be significant upside potential for the stock. We gave BSE a 83 rating and a BUY recommendation.

BSE reported earnings results for the second quarter and six months ended September 30, 2022. For the second quarter, the company reported sales was INR 1,977.2 million compared to INR 1,887.8 million a year ago. Revenue was INR 2,398.2 million compared to INR 2,258 million a year ago. Net income was INR 338.1 million compared to INR 651.4 million a year ago. Basic earnings per share from continuing operations was INR 2.46 compared to INR 4.74 a year ago. Diluted earnings per share from continuing operations was INR 2.46 compared to INR 4.74 a year ago.For the six months, sales was INR 3,845.6 million compared to INR 3,457.3 million a year ago. Revenue was INR 4,375.2 million compared to INR 4,115.2 million a year ago. Net income was INR 778.5 million compared to INR 1,185.6 million a year ago. Basic earnings per share from continuing operations was INR 5.67 compared to INR 8.63 a year ago. Diluted earnings per share from continuing operations was INR 5.67 compared to INR 8.63 a year ago.

Business Description

BSE, together with its subsidiaries, provides a platform for trading in equity, debt instruments, derivatives, and mutual funds in India and internationally. It offers securities, data dissemination, and depository services. The company also provides clearing and settlement, IT support, training, risk management, and investment services, as well as engages in the corporate social responsibility activities. In addition, it undertakes administration and supervision of SEBI registered investment advisers; operates an electronic spot platform for agricultural commodities; and operates a platform for trading in equities of small-and-medium enterprises. The company was formerly known as Bombay Stock Exchange Limited and changed its name to BSE in July 2011. BSE was founded in 1875 and is based in Mumbai, India.

Sector Overview

BSE is included in the Capital Markets according to GICS (global industry classification standard). The Capital Markets industry is part of the Financials sector. It includes companies that engage in Diversified Capital Markets, Investment Banking & Brokerage, Asset Management & Custody Banks. BSE's industry and sector affiliation are expected to positively boost their relative likelihood to overperform the market looking forward, as they should benefit significantly from the macroeconomic environment we see now.

Fundamental Highlights


Parameter Value Change Score
Assets 61.9B 33.7% 56
Liabilities 27.5B 76.8% 87
Price to Book 3.9 366.3% 70
Cash & Equivalents 8.9B 113.1% 76
Equity 33.0B 8.2% 90
EBITDA 3.2B 89.3% 69
Total Revenues 8.4B 33.4% 59
Parameter Value Change Score
Return on Equity 7.5 58.2% 78
Net Cashflow 4.7B 250.6% 77
Capital Expenditure -318.2M 16.7% 81
Asset Turnover 0.2 12.3% 89
Free Cashflow Per Share 102.6 1429.2% 54
* All values are TTM

The below chart reflects BSE's birds-eye view on its performance with respect to its peers, the company's fillings as reported or to a similar industry, market cap, and country of origin. While BSE's peer average final assessment score stands on 73, BSE's score is 83.

  •  BSE
  •  Peers average
Name Market Cap Balance Sheet Income Statement Cash Flow Rating Final Assessment mc_sort Hidden
HDFC Asset Management Company Limited 466.5B 79 66 71
Hold
77
77 0 1
CRISIL Limited 213.7B 76 82 72
Buy
81
81 1 1
ICICI Securities Limited 170.3B 90 59 49
Hold
76
76 2 1
Nippon Life India Asset Management Limited 169.0B 77 68 76
Hold
77
77 3 1
IIFL Wealth Management Limited 162.6B 59 89 50
Hold
69
69 4 1
Central Depository Services (India) Limited 129.4B 79 81 55
Buy
83
83 5 1
Aditya Birla Sun Life AMC Limited 125.0B 86 60 73
Buy
79
79 6 1
Motilal Oswal Financial Services Limited 98.0B 86 75 81
Strong Buy
89
89 7 1
Multi Commodity Exchange of India Limited 79.7B 70 48 76
Hold
62
62 8 1
Edelweiss Financial Services Limited 60.0B 81 65 86
Hold
76
76 9 1
Prudent Corporate Advisory Services Limited 36.8B 89 69 52
Buy
79
79 10 1
IIFL Securities Limited 21.1B 84 70 74
Buy
83
83 11 1
CARE Ratings Limited 16.3B 71 67 76
Hold
71
71 12 1
Angel One Limited 133.3B 88 69 76
Buy
84
84 13 1
Indian Energy Exchange Limited 132.4B 94 77 80
Strong Buy
99
99 14 1
IDFC Limited 131.1B 74 48 68
Hold
63
63 15 1
Tata Investment Corporation Limited 118.8B 90 61 86
Buy
84
84 16 1
UTI Asset Management Company Limited 99.2B 67 60 71
Hold
67
67 17 1
JM Financial Limited 71.1B 77 69 78
Buy
79
79 18 1
JSW Holdings Limited 47.4B 87 64 61
Buy
79
79 19 1
Bengal & Assam Company Limited 42.6B 81 69 80
Buy
80
80 20 1
ICRA Limited 42.4B 73 51 66
Hold
64
64 21 1
Authum Investment & Infrastructure Limited 40.9B 57 72 66
Hold
63
63 22 1
Share India Securities Limited 38.9B 82 76 66
Buy
81
81 23 1
Dhani Services Limited 29.2B 65 62 74
Hold
64
64 24 1
Choice International Limited 26.6B 66 74 66
Hold
70
70 25 1

Macro Environment

Positive
80

Typically, the stock market in India will react to recent economic events, as well as be influenced by the sentiment in other major economies around the world, such as the United States, European Union, and China. Our assessment is that these two events may influence global market sentiment. On the negative side we have the tensions between taiwan and china, and on the positive side we have the end of COVID-19 pandemic.

Positive end of COVID-19 pandemic

The World Health Organization issued six policy briefs outlining essential steps governments could take to stop the pandemic. The briefings, which are based on evidence and experience from the previous 32 months, provide guidance on how to save lives, protect health systems, and minimize social and economic disruption.

Negative tensions between taiwan and china

The tensions between Taiwan and China have spiked following Nancy Pelosi's visit to Taipei. China staged war games near Taiwan to express its anger at what it saw as stepped-up U.S. support for the island Beijing views as sovereign Chinese territory. Because Taiwan produces the majority of the world's semiconductors, which are used in every electronic device today, a war between China and Taiwan might be catastrophic for the global economy.

Besides the events we mentioned, there are also specific events related to the Diversified Financials industry of which BSE Limited is a part. As a result, we believe that the rising interest rate is a positive event that will continue to support the industry in the future, whereas the rising inflation may cloud the sector's shares.

Positive rising interest rate

From a historical point of view, the finance sector functions well when interest rates are rising, mainly due to the increase in loan repayments from lenders. Also, insurers often reinvest policyholder premiums into bond instruments, allowing them to profit when Treasury yields increase.

Negative rising inflation

The sudden increase in inflation is generally regarded as the most painful since it takes companies several quarters to pass on higher input costs to consumers. Historically, companies traded in the Diversified Financials industry have been hit by high inflation times due to increased operating expenses and decreased revenues.

In our analysis of the current macro environment, as well as the potential risks that could specifically affect BSE Limited stock, we concluded that sentiment was largely positive and may lead to short-term price increases. Therefore, we rated the macro environment BSE Limited with a score of 80.

Technical Analysis

When trying to optimize the timing of an investment, it's critical to analyze whether the stock looks overbought or oversold, and in which direction the momentum is moving. BSE's stock is now priced above its 5-day, but below its 50-day and 200-day moving average, while its MACD (moving average convergence divergence) indicates that the stock's price movement momentum is weakening. Historically, this is a positive setup in the near-term. Meanwhile, looking at the Stochastic Oscillator and RSI (relative strength index), BSE's stock doesn't strongly signal being overbought or oversold. Overall, these technical indicators signal negative momentum. Therefore, this stock received a cumulative TA (technical analysis) score of 47.

Bearish 47
Close Price 577.2
52W Low 506.13
52W High 1010.15
5D MA 573.84
50D MA 595.36
200D MA 697.84
MACD -7.68
RSI 63.99
STOCH 59.71

Balance Sheet Analysis

While the critical metrics for BSE's balance sheet were not overwhelmingly positive, nonetheless, BSE's leadership seems to be consistently making smart decisions related to managing their balance sheet. BSE reported solid equity numbers this period. At filing, equity was reported as 33.0B, representing 8.2% change from the previous period. Companies in the same sector and market capitalization will usually be affected by up to 6.0 percent by this parameter. These metrics are all the more impressive relative to their peers and should support an upswing in their stock price. Therefore, its equity movement component earned a score of 90. Also, In terms of liabilities, BSE published good numbers. Their reported liabilities were 27.5B, representing a 76.8% change from the previous report. These liabilities changes appear balanced compared to their peers and project the message that management is capable and focused on balancing asset growth, resource allocation, and growing liabilities. The company's liabilities movement component, therefore, received a grade of 87. On the other hand, Assets, jumped out as looking rather underwhelming. BSE's management did not succeed in significantly improving the value of the assets on their balance sheet, which now sits at 61.9B and represents a 33.7% change from the previous report. This unimpressive metric is weaker than its peers and competitors. Consequently, their asset movement received a grade of 56. Therefore, it received a score of 79.

Parameter Value Change Score
Assets 61.9B 33.7% 56
Liabilities 27.5B 76.8% 87
Price to Book 3.9 366.3% 70
Cash & Equivalents 8.9B 113.1% 76
Equity 33.0B 8.2% 90
* All values are TTM

The below chart describes BSE's performance as reflected on its balance sheet with respect to its peers. While BSE received a balance sheet score of 79, the average of its peers stands on 72.

  •  BSE
  •  Peers average
Name Market Cap Liabilities Movement Asset Change Equity/Intangibles Adjustments Cash & Equivalents Book Value Momentum Balance Sheet mc_sort Hidden
HDFC Asset Management Company Limited 466.5B 75.0 53.0 51.0 74.0 83.0 79 0 1
CRISIL Limited 213.7B 65.0 55.0 49.0 71.0 86.0 76 1 1
ICICI Securities Limited 170.3B 93.0 43.0 49.0 95.0 88.0 90 2 1
Nippon Life India Asset Management Limited 169.0B 74.0 56.0 47.0 86.0 79.0 77 3 1
IIFL Wealth Management Limited 162.6B 45.0 88.0 63.0 41.0 68.0 59 4 1
Central Depository Services (India) Limited 129.4B 78.0 52.0 73.0 83.0 78.0 79 5 1
Aditya Birla Sun Life AMC Limited 125.0B 43.0 51.0 94.0 91.0 91.0 86 6 1
Motilal Oswal Financial Services Limited 98.0B 85.0 53.0 48.0 80.0 88.0 86 7 1
Multi Commodity Exchange of India Limited 79.7B 85.0 75.0 73.0 41.0 61.0 70 8 1
Edelweiss Financial Services Limited 60.0B 49.0 59.0 73.0 59.0 79.0 81 9 1
Prudent Corporate Advisory Services Limited 36.8B 86.0 52.0 82.0 75.0 88.0 89 10 1
IIFL Securities Limited 21.1B 91.0 41.0 48.0 89.0 83.0 84 11 1
CARE Ratings Limited 16.3B 44.0 58.0 50.0 63.0 84.0 71 12 1
Angel One Limited 133.3B 93.0 48.0 39.0 69.0 96.0 88 13 1
Indian Energy Exchange Limited 132.4B 95.0 40.0 88.0 81.0 89.0 94 14 1
IDFC Limited 131.1B 82.0 62.0 64.0 65.0 69.0 74 15 1
Tata Investment Corporation Limited 118.8B 93.0 44.0 66.0 79.0 88.0 90 16 1
UTI Asset Management Company Limited 99.2B 39.0 86.0 78.0 50.0 73.0 67 17 1
JM Financial Limited 71.1B 76.0 58.0 52.0 79.0 79.0 77 18 1
JSW Holdings Limited 47.4B 95.0 44.0 65.0 48.0 90.0 87 19 1
Bengal & Assam Company Limited 42.6B 55.0 56.0 68.0 53.0 90.0 81 20 1
ICRA Limited 42.4B 62.0 69.0 81.0 67.0 68.0 73 21 1
Authum Investment & Infrastructure Limited 40.9B 57.0 78.0 64.0 61.0 57.0 57 22 1
Share India Securities Limited 38.9B 52.0 46.0 83.0 89.0 90.0 82 23 1
Dhani Services Limited 29.2B 67.0 65.0 76.0 66.0 60.0 65 24 1
Choice International Limited 26.6B 58.0 74.0 71.0 68.0 65.0 66 25 1

Income Statement Analysis

All in all, the most important metrics within BSE's income statement looked encouraging. Return factors metrics and ratios were exceptional in this report. BSE reported a return on equity (ROE) ratio of 7.5, representing a change of 58.2% from the last report. These numbers show that management has successfully encouraged growth while managing ROE and ROA metrics, especially relative to their peers. Therefore, its return factors component earned a score of 78. However, one discouraging result, Revenue Efficiency, stood out. BSE management did an underwhelming job managing revenue efficiency this past period. BSE's revenue efficiency is 8.4B according to the metrics in the current filing, which represents a 33.4% change from the previous report. This metric might have a 2.9 percent impact on companies in the same industry and with the same market capitalization. Their revenue efficiency, specifically in contrast to their industry peers', isn't encouraging. As a result, their revenue efficiency earned a score of 59. The companies' income statement, therefore, earned a score of 71.

Parameter Value Change Score
EBITDA 3.2B 89.3% 69
Total Revenues 8.4B 33.4% 59
Return on Equity 7.5 58.2% 78
* All values are TTM

The below chart describes BSE's performance as reflected on its income statement with respect to its peers. While BSE received a income statement score of 71 , the average of its peers stands on 71.

  •  BSE
  •  Peers average
Name Market Cap Revenue Momentum Earning Movement Return Factors Momentum Income Statement mc_sort Hidden
HDFC Asset Management Company Limited 466.5B 57.0 75.0 57.0 66 0 1
CRISIL Limited 213.7B 58.0 86.0 77.0 82 1 1
ICICI Securities Limited 170.3B 50.0 63.0 56.0 59 2 1
Nippon Life India Asset Management Limited 169.0B 59.0 75.0 59.0 68 3 1
IIFL Wealth Management Limited 162.6B 68.0 87.0 83.0 89 4 1
Central Depository Services (India) Limited 129.4B 47.0 86.0 79.0 81 5 1
Aditya Birla Sun Life AMC Limited 125.0B 81.0 52.0 57.0 60 6 1
Motilal Oswal Financial Services Limited 98.0B 43.0 68.0 93.0 75 7 1
Multi Commodity Exchange of India Limited 79.7B 45.0 65.0 50.0 48 8 1
Edelweiss Financial Services Limited 60.0B 83.0 70.0 62.0 65 9 1
Prudent Corporate Advisory Services Limited 36.8B 48.0 68.0 70.0 69 10 1
IIFL Securities Limited 21.1B 41.0 67.0 81.0 70 11 1
CARE Ratings Limited 16.3B 61.0 71.0 62.0 67 12 1
Angel One Limited 133.3B 46.0 73.0 70.0 69 13 1
Indian Energy Exchange Limited 132.4B 50.0 87.0 66.0 77 14 1
IDFC Limited 131.1B 49.0 68.0 47.0 48 15 1
Tata Investment Corporation Limited 118.8B 41.0 69.0 58.0 61 16 1
UTI Asset Management Company Limited 99.2B 81.0 50.0 58.0 60 17 1
JM Financial Limited 71.1B 48.0 68.0 77.0 69 18 1
JSW Holdings Limited 47.4B 47.0 75.0 53.0 64 19 1
Bengal & Assam Company Limited 42.6B 69.0 61.0 78.0 69 20 1
ICRA Limited 42.4B 87.0 57.0 50.0 51 21 1
Authum Investment & Infrastructure Limited 40.9B 81.0 77.0 66.0 72 22 1
Share India Securities Limited 38.9B 45.0 68.0 83.0 76 23 1
Dhani Services Limited 29.2B 58.0 61.0 63.0 62 24 1
Choice International Limited 26.6B 73.0 68.0 70.0 74 25 1

Cash Flow Analysis

Two main cash flow metrics, Asset Turnover and Capex, are driving the positive outlook for BSE's financial strength. BSE's published asset turnover numbers were encouraging and reflected management's balanced change strategy. BSE recorded asset turnover of 0.2, which represents a 12.3% change from the previous report. Companies in the same sector and market capitalization will usually be affected by up to 3.4 percent by this parameter. Its asset turnover metrics are especially remarkable relative to their peers. We believe the stock price has room to grow to reflect its intrinsic value accurately. Correspondingly, their asset turnover movement received a grade of 89. Also, BSE's management was effective in improving its CapEx, which now sits at -318.2M and represents 16.7% change from the previous report. This remarkable CapEx growth is expected to reinforce upward momentum for its's stock price going forward. Therefore, its CapEx movement component earned a score of 81. That said, one metric, Free Cash flow, stood out as strongly negative. BSE did a poor job related to generating and maintaining strong free cash flow this period, which stood at 102.6, representing a 1429.2% change from the previous filing. Companies in the same sector and market capitalization will usually be affected by up to 5.2 percent by this parameter. These free cash flow numbers show that management has not been executing well in generating critical cash flow while also encouraging growth. Disappointing results in free cash flow often lead to negative pressure in stock prices, so we rated their free cash flow with a score of 54. Consequently, the company's cash flow earned a score of 83.

Parameter Value Change Score
Net Cashflow 4.7B 250.6% 77
Capital Expenditure -318.2M 16.7% 81
Asset Turnover 0.2 12.3% 89
Free Cashflow Per Share 102.6 1429.2% 54
* All values are TTM

The below chart describes BSE's performance as reflected on its cash flow with respect to its peers. While BSE received a cash flow score of 83, the average of its peers stands on 62.

  •  BSE
  •  Peers average
Name Market Cap Cashflow Momentum Free Cashflow Growth Capital Expenditure Growth Assets Factors Momentum Cash Flow mc_sort Hidden
HDFC Asset Management Company Limited 466.5B 74.0 61.0 81.0 49.0 71 0 1
CRISIL Limited 213.7B 61.0 78.0 92.0 55.0 72 1 1
ICICI Securities Limited 170.3B 52.0 84.0 48.0 46.0 49 2 1
Nippon Life India Asset Management Limited 169.0B 78.0 59.0 89.0 50.0 76 3 1
IIFL Wealth Management Limited 162.6B 64.0 67.0 43.0 47.0 50 4 1
Central Depository Services (India) Limited 129.4B 72.0 50.0 43.0 45.0 55 5 1
Aditya Birla Sun Life AMC Limited 125.0B 73.0 83.0 53.0 89.0 73 6 1
Motilal Oswal Financial Services Limited 98.0B 68.0 63.0 81.0 93.0 81 7 1
Multi Commodity Exchange of India Limited 79.7B 88.0 47.0 72.0 46.0 76 8 1
Edelweiss Financial Services Limited 60.0B 81.0 53.0 71.0 87.0 86 9 1
Prudent Corporate Advisory Services Limited 36.8B 49.0 85.0 58.0 60.0 52 10 1
IIFL Securities Limited 21.1B 82.0 38.0 92.0 52.0 74 11 1
CARE Ratings Limited 16.3B 68.0 66.0 82.0 87.0 76 12 1
Angel One Limited 133.3B 62.0 74.0 72.0 88.0 76 13 1
Indian Energy Exchange Limited 132.4B 75.0 46.0 93.0 88.0 80 14 1
IDFC Limited 131.1B 59.0 76.0 82.0 43.0 68 15 1
Tata Investment Corporation Limited 118.8B 78.0 58.0 84.0 88.0 86 16 1
UTI Asset Management Company Limited 99.2B 87.0 52.0 49.0 80.0 71 17 1
JM Financial Limited 71.1B 69.0 68.0 69.0 88.0 78 18 1
JSW Holdings Limited 47.4B 72.0 62.0 59.0 46.0 61 19 1
Bengal & Assam Company Limited 42.6B 61.0 77.0 59.0 85.0 80 20 1
ICRA Limited 42.4B 65.0 71.0 64.0 49.0 66 21 1
Authum Investment & Infrastructure Limited 40.9B 63.0 71.0 69.0 65.0 66 22 1
Share India Securities Limited 38.9B 61.0 91.0 71.0 59.0 66 23 1
Dhani Services Limited 29.2B 65.0 72.0 72.0 70.0 74 24 1
Choice International Limited 26.6B 69.0 67.0 71.0 64.0 66 25 1

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