PB Fintech slips over 4% after huge block deal

The parent company of Policybazaar saw a huge block deal where around 9.50 million shares or 2.1 percent stake of the company changed hands in a bunch of trades, Bloomberg reported

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Shares of PB Fintech Ltd, the parent company of Policybazaar, fell over 4 percent on 26 May after a huge block deal where around 9.50 million shares or 2.1 percent stake of the company changed hands in a bunch of trades, Bloomberg reported. However details of the buyers and sellers were not known.

The stock fell as much as 4.2 percent and hit a low of Rs 596.30 on BSE. At 9.30am, the stock was trading at Rs 603 on BSE, down 3.12 percent from its previous close. India’s benchmark Sensex rose 0.16 percent to 61,974 points.

Financials

Recently, the firm reported March quarter earnings where its losses narrowed from a year ago. The company reported a loss of Rs 8.95 crore from Rs 219.60 crore in the same quarter a year ago. Revenue from operations came in at Rs 869.09 crore, rising 60.85 percent from Rs 540.29 crore in the corresponding quarter last year.

Post these numbers, many brokerages were bullish on the stock and raised its price target for the stock. JM Financial has raised its target price for the stock by 58 percent to Rs 980 per share and maintained a buy rating. Citi has set a target price of Rs 820, while Morgan Stanley values the stock at Rs 810. Additionally, CLSA estimates the value of the scrip to be Rs 720.

” The company is now the most dominant insurance distributor in the country with our estimates suggesting Policybazaar accounting for ~42% online insurance distribution while also becoming the largest PoSP player. We have maintained our revenue forecasts for the company and brought forward PAT level profitability to FY24 itself, resulting in DCF-based TP of Rs 980. However, our steady state profitability remains similar and earlier margin improvement implies slower uptick in the later years”, JM Financial said in a note to investors.