Mid Cap NBFC Makes Big Acquisition Update, Jefferies Recommends Buy For TP Rs 930

Mid cap company from the NBFC sector, 360 ONE WAM Ltd share zoomed nearly 1.22% today after the company informed today about its plan to acquire wealth-focused ET MONEY. 360 ONE WAM shares offered attractive return of 87.69% in last 1-year and gained 2.72% in last 1-week. Earlier this year, the company announced its Q4 FY2024 profit after tax (PAT) at Rs 241 crore, up 55.5% year-on-year (YoY) and 24.3% Quarter-On-Quarter (QoQ). The company declared its FY24 PAT at Rs 802 crore, up 20% YoY.

Board of 360 ONE WAM declared 3.5/share dividend on April 23, 2024 and set May 2, 2024 as the record date. Leading brokerage firm Jefferies has recommended buy call and upgraded target price to Rs 930 per share after the company declared healthy quarterly results. Check key details below:

360 One WAM To Acquire ET MONEY: As per the regulatory filing of 360 One WAM dated June 12, 2024, "we wish to inform you that the Board of Directors ("Board") of 360 ONE WAM LIMITED ("Company" and formerly known as IIFL Wealth Management Limited) at its meeting held today, inter-alia approved:

1. acquisition of entire fully paid up equity share capital of Moneygoals Solutions Limited ("MGSL" and bearing CIN: U67190DL2016PLC291833) on a fully diluted basis from MGSL's holding company i.e. Times Internet Limited ("TIL" and bearing CIN: U74999DL1999PLC135531) wherein the total purchase consideration of Rs. 3,658,268,700/- (Rupees three billion six hundred fifty-eight million two hundred sixty-eight thousand seven hundred only) ("Total Consideration") will be discharged in the following manner subject to necessary approval(s) of the Securities and Exchange Board of India, stock exchanges, Reserve Bank of India and other concerned regulatory authorities:

(a) partly by payment of cash consideration amounting to Rs. 858,320,000/- (Rupees eight hundred and fifty-eight million three hundred twenty thousand only); and

(b) partly by issuance of equity shares for consideration other than cash i.e. by issuance and allotment of 3,590,000 (three million five hundred and ninety thousand) fully paid-up equity shares of the Company of face value Re. 1/- (Rupee one only) at a price of Rs. 779.93/- (Rupees seven hundred seventy-nine and paise ninety-three only) per equity share, in accordance with Chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 ("ICDR Regulations"), subject to the approval of shareholders of the Company by way of a special resolution;"

360 One Wam Financials: The company announced its Q4 FY2024 profit after tax (PAT) at Rs 241 crore, up 55.5% year-on-year (YoY) and 24.3% Quarter-On-Quarter (QoQ). The company declared its FY24 PAT at Rs 802 crore, up 20% YoY. The total revenues for FY24 declared at Rs 1965 crore, up 25.3% year-on-year (YoY). Meanwhile, Q4 FY24 total revenues declared at Rss 623 crore, up 61.8% YoY and 33.6% QoQ. Overall assets under management (AUM) at Rs 4,66,909 crore as on March 2024. The company's annual recurring revenue (ARR) AUM declared at Rs 2,27,879 crore, up 36.3% YoY and 3.2% QoQ.

360 ONE WAM Share Performance: The 52-week high price of 360 ONE WAM share on BSE is Rs 901.10 per share (as on 18/04/2024) and 52-week low price is Rs 397.95 per share (16/05/2023), respectively. The NBFC has a market capitalisation of Rs 28,559.29 crore. 360 ONE WAM shares soared 23% in last 6-months, gained more than 114% in last 2-year, and rose 165% in last 3-years.

Should You Buy 360 ONE WAM Shares? Jefferies upgraded the target price for360 ONE WAM to Rs 930 apiece from Rs 900 apiece earlier and assigned buy call to 360 ONE WAM shares. "We tweak estimates for the slightly better pickup in distribution products that drives a 3% EPS upgrade," added Jefferies.

360 ONE WAM Stock Split History: 360 One Wam split the face value once since March 2, 2023. 360 One Wam last split the face value of its shares from Rs 2 to Re 1 in 2023.The shares traded ex-split from March 2, 2023.

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