ICICI Direct has given Buy recommendation for Multi Commodity Exchange with a target price of Rs. 2000 in its research report issued on Oct 26, 2021
ICICI Direct’s research report on Multi Commodity Exchange
MCX is the leader in commodity derivatives exchanges in India with ~93% market share in terms of commodity futures turnover. It has ~100% market share in precious & base metals and energy Presence in various commodities offers healthy diversification
Being a market leader in commodities exchange and a beneficiary of increase in option volume, we retain our BUY rating on the stock We value MCX at ~46x core FY23E EPS and net cash and maintain our target price at Rs 2000.