MAS Financial Services (MASFIN) is an Ahmedabad-headquartered, non-deposit-takingNBFC incorporated in 1995 by first-generation entrepreneurs, Mr. Kamlesh Gandhi andMr. Mukesh Gandhi. It operates out of six states, of which Gujarat and Maharashtraaccount for bulk of the AUM. A quintessential NBFC, it targets the middle and lowincome customer segments. Over the past five years, MASFIN’s AUM grew at a robust35% CAGR to reach INR37b in 1HFY18. Growth was driven by their flagship product (MELloans) and new product such as SME loans. MEL and SME accounts for 83%+ of the totalAUM vs 64% in FY13. The company has impeccable track record of 39% PAT CAGR overFY12-17 with consistent ROA (on AUM) of 2%+. Given a favorable backdrop, we expectthe company to deliver 25% AUM over FY17-20, resulting in 25% EPS CAGR over thesame time period.
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Motilal Oswal was founded in 1987 as a small sub-broking unit, with just two people running the show. Today it has a 2000 member team with a networth of Rs7 bn and market capitalization as of March 31, 2008 at Rs19 bn.
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