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| More Ltd - Initiating Coverage - Angel Broking

Posted On: 2018-04-22 15:18:29

A complete package from matchmaking to wedding

Incorporated in 2001, Ltd (MCL) is engaged in providing online matchmaking and marriage services through internet and mobile platforms in India and internationally. Currently, MCL has a database comprising of 3.3 million active profiles (as of December 31, 2017) and 140 retail centers distributed across India. Its flagship brand, BharatMatrimony, has 15 language based domains under its umbrella.

Huge untapped market opportunity: Unmarried population in CY2016 was 107mn, out of which active seekers were 63mn. However, active users of the online matrimony segment were only 6mn in CY2016, according to KPMG report. Currently, MCL has 3.08mn active profiles on Hence, there is a huge untapped market opportunity for the company.

Leading provider of online matchmaking services in India: According to the comScore Report for June 2017, is the leader for online matchmaking services in India in terms of the average number of website pages viewed by unique visitors, time spent and total pages viewed mainly due to the company's large database of profiles.

Strong consumer brand recall: has high degree of brand recall and trust in India, as evidenced by the average number of website pages viewed by unique visitors in June 2017 (comScore Report). has been ranked as India's most trusted online matrimony brand by The Brand Trust Report India Study 2014. MCL spends 17-18% (% of sales) on ad spends every year.

Foray into marriage services: MCL's key strategy for driving monetization is to increase the length of relationship with customers and increase the amount of revenue earned from customers by offering additional wedding related services such as photography & videography, wedding apparel, venue, stage decorations, make-up, catering and honeymoon packages from various vendors to meet customers' wedding needs.

Outlook & Valuation: We expect MCL to report net revenue CAGR of ~15% to ~Rs. 450cr over FY2018-20E mainly due to strong growth in online matchmaking and marriage related services coupled by its strong brand recall and large user database. On the bottom-line front, we expect CAGR of ~28% to Rs. 82cr over the same period on the back of margin improvement (due to strong operating leverage & reduction in losses of marriage service business). We initiate coverage on the stock with a Buy recommendation and target price of Rs. 984 based on 27x FY20E EPS, indicating an upside of ~26% from the current levels.

Shares of Ltd was last trading in BSE at Rs.815 as compared to the previous close of Rs. 804.5. The total number of shares traded during the day was 143 in over 13 trades.

The stock hit an intraday high of Rs. 815 and intraday low of 792.45. The net turnover during the day was Rs. 115315.

Source: Equity Bulls

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