BSE has recently announced its Q1FY19 results. Here is a short summary of the same.
1) The income from transaction charges and book building charges are related to the stock market activity. Both these incomes have decreased on the YoY basis. However, a new source of income has started from BSE Star Mutual Fund platform, offsetting the fall partially.
2) The listing fees income, which is fixed and recurring in nature, has grown substantially as expected and will help meet the shortfall in transaction charges income.
3) The income growth for BSE looks quite muted mainly because of substantial fall in its investment income from Rs 65 crores in Q1FY18 to Rs 38 crores in Q1FY19.
Buy Back Update: In the recently concluded open market buyback program, BSE bought back 2019170 shares against the proposed buyback of 1509090 shares as they succeed to buyback at an average rate of Rs. 822 against the proposed maximum buyback price of Rs. 1100.
Dividend: BSE has further distributed a final dividend of Rs. 31 per share after the completion of buyback of shares.
Valuation: At the current price of Rs. 760, its market cap is Rs. 3926 crores. Considering the value of CDSL stake and the cash held by BSE, the market is valuing BSE at 1750 crores only as shown below.
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