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Analyst meet notes - Max India
22 July 2008
Source: www.keynoteindia.net
Keynote Capitals presents notes on the recent analyst meeting of Max India. MIL is diversified into life Insurance, healthcare, clinical research business and specialty packaging segments.
Highlights
- In a restructuring exercise, Max India Ltd. (MIL) announced increase in its equity stake in Max New York Life Insurance, the life insurance JV with New York Life, from 50% to 74%.
- New York Life will also have the option to increase its stake by 24% over a period of 8 years from the date of the amended JV agreement. This option will be priced at fair market value less discount of 10%.
- MNYL targets 20mn annual policyholders and Annualised First Year Premium target of Rs12,000Cr by FY12.
- Embedded value of life insurance business as at March 31, 2008 is Rs1316Cr.
- The company also forayed into healthcare segment through 8 hospitals and 800 beds, clinical research business and specialty packaging business.
- The company recently forayed into health insurance business through a JV with UK based Bupa Finance Plc.
Valuation
The stock trades at 2.6x FY08 book value.
To read more download full version of Max India analyst meeting notes.
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