NSEI:MASFIN

Stock Analysis Report

Executive Summary

MAS Financial Services Limited offers retail financing services in India.

Rewards

Earnings grew by 36.9% over the past year

Risk Analysis

High level of non-cash earnings

Unstable dividend track record



Snowflake Analysis

Acceptable track record unattractive dividend payer.

Share Price & News

How has MAS Financial Services's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: MASFIN has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

3.8%

MASFIN

2.8%

IN Consumer Finance

0.2%

IN Market


1 Year Return

38.9%

MASFIN

36.6%

IN Consumer Finance

3.1%

IN Market

Return vs Industry: MASFIN exceeded the Indian Consumer Finance industry which returned 36.6% over the past year.

Return vs Market: MASFIN exceeded the Indian Market which returned 3.1% over the past year.


Shareholder returns

MASFINIndustryMarket
7 Day3.8%2.8%0.2%
30 Day14.0%0.7%0.1%
90 Day30.6%15.4%6.5%
1 Year40.1%38.9%37.6%36.6%5.1%3.1%
3 Yearn/a153.8%148.3%33.6%26.5%
5 Yearn/a253.4%237.4%41.1%28.3%

Price Volatility Vs. Market

How volatile is MAS Financial Services's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is MAS Financial Services undervalued compared to its fair value and its price relative to the market?

25.18x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: MASFIN (₹809.6) is trading above our estimate of fair value (₹126.58)

Significantly Below Fair Value: MASFIN is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: MASFIN is poor value based on its PE Ratio (25.2x) compared to the Consumer Finance industry average (13.5x).

PE vs Market: MASFIN is poor value based on its PE Ratio (25.2x) compared to the Indian market (12.8x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate MASFIN's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: MASFIN is overvalued based on its PB Ratio (4.4x) compared to the IN Consumer Finance industry average (0.7x).


Next Steps

Future Growth

How is MAS Financial Services forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

21.2%

Forecasted Diversified Financials industry annual growth in earnings


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: Insufficient data to determine if MASFIN's forecast earnings growth is above the savings rate (6.5%).

Earnings vs Market: Insufficient data to determine if MASFIN's earnings are forecast to grow faster than the Indian market

High Growth Earnings: Insufficient data to determine if earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: Insufficient data to determine if MASFIN's revenue is forecast to grow faster than the Indian market.

High Growth Revenue: Insufficient data to determine if MASFIN's revenue is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: MASFIN's Return on Equity is forecast to be low in 3 years time (19.9%).


Next Steps

Past Performance

How has MAS Financial Services performed over the past 5 years?

32.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: MASFIN has a high level of non-cash earnings.

Growing Profit Margin: MASFIN's current net profit margins (42.4%) are lower than last year (45.1%).


Past Earnings Growth Analysis

Earnings Trend: MASFIN's earnings have grown significantly by 32.1% per year over the past 5 years.

Accelerating Growth: MASFIN's earnings growth over the past year (36.9%) exceeds its 5-year average (32.1% per year).

Earnings vs Industry: MASFIN earnings growth over the past year (36.9%) exceeded the Consumer Finance industry 16.8%.


Return on Equity

High ROE: MASFIN's Return on Equity (17.6%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is MAS Financial Services's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: MASFIN has a low level of unsold assets or inventory.

Debt Coverage by Assets: MASFIN's debt is covered by short term assets (assets are 1.6x debt).


Financial Institutions Analysis

Asset Level: MASFIN's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if MASFIN has a sufficient allowance for bad loans.

Low Risk Liabilities: MASFIN reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if MASFIN has an acceptable proportion of non-loan assets held.

Low Risk Deposits: MASFIN has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if MASFIN has an appropriate level of bad loans.


Next Steps

Dividend

What is MAS Financial Services's current dividend yield, its reliability and sustainability?

0.69%

Current Dividend Yield


Dividend Yield vs Market

company0.7%marketbottom25%0.6%markettop25%2.5%industryaverage0.5%forecastin3Yearsn/a

Current dividend yield vs market & industry

Notable Dividend: MASFIN's dividend (0.69%) is higher than the bottom 25% of dividend payers in the Indian market (0.59%).

High Dividend: MASFIN's dividend (0.69%) is low compared to the top 25% of dividend payers in the Indian market (2.54%).


Stability and Growth of Payments

Stable Dividend: MASFIN has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: MASFIN's dividend payments have increased, but the company has only paid a dividend for 2 years.


Current Payout to Shareholders

Dividend Coverage: With its low payout ratio (17.4%), MASFIN's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

What is the CEO of MAS Financial Services's salary, the management and board of directors tenure and is there insider trading?

16.0yrs

Average management tenure


CEO

Darshana Pandya (47yo)

0.08yrs

Tenure

₹3,132,000

Compensation

Mrs. Darshana Saumil Pandya serves Whole-Time Director at MAS Financial Services Ltd. since July 31, 2019 and serves its Chief Executive Officer since November 06, 2019. Mrs. Pandya served as Chief Operati ...


CEO Compensation Analysis

Compensation vs Market: Darshana's total compensation ($USD44.34K) is below average for companies of similar size in the Indian market ($USD424.69K).

Compensation vs Earnings: Darshana's compensation has increased by more than 20% in the past year.


Management Age and Tenure

16.0yrs

Average Tenure

47yo

Average Age

Experienced Management: MASFIN's management team is seasoned and experienced (16 years average tenure).


Board Age and Tenure

11.5yrs

Average Tenure

63.5yo

Average Age

Experienced Board: MASFIN's board of directors are seasoned and experienced ( 11.5 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Management Team

  • Kamlesh Gandhi (53yo)

    Founder

    • Tenure: 0yrs
    • Compensation: ₹71.88m
  • Mukesh Gandhi (62yo)

    Co-Founder & Whole Time Director

    • Tenure: 24.6yrs
    • Compensation: ₹71.82m
  • Nishant Jain (31yo)

    Chief Risk Officer

    • Tenure: 0yrs
  • Darshana Pandya (47yo)

    CEO & Whole Time Director

    • Tenure: 0.08yrs
    • Compensation: ₹3.13m
  • Saumil Pandya (46yo)

    President & Head of Retail Assets

    • Tenure: 0yrs
  • Sunil Shah (48yo)

    Head of portfolio

    • Tenure: 0yrs
  • Ankit Jain (32yo)

    CFO & Head of Investor Relations

    • Tenure: 0.08yrs
  • Riddhi Bhayani

    Company Secretary & Compliance Officer

    • Tenure: 0yrs
    • Compensation: ₹632.34k

Board Members

  • Daksha Shah (74yo)

    Women Independent Director

    • Tenure: 0.8yrs
    • Compensation: ₹10.00k
  • Bala bhaskaran N. Nair (68yo)

    Independent Director

    • Tenure: 24.6yrs
    • Compensation: ₹145.00k
  • Kamlesh Gandhi (53yo)

    Founder

    • Tenure: 0yrs
    • Compensation: ₹71.88m
  • Mukesh Gandhi (62yo)

    Co-Founder & Whole Time Director

    • Tenure: 24.6yrs
    • Compensation: ₹71.82m
  • Chetanbhai Shah (65yo)

    Independent Director

    • Tenure: 11.5yrs
    • Compensation: ₹110.00k
  • Darshana Pandya (47yo)

    CEO & Whole Time Director

    • Tenure: 0.08yrs
    • Compensation: ₹3.13m
  • Subir Nag

    Independent Director

    • Tenure: 0yrs

Company Information

MAS Financial Services Limited's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: MAS Financial Services Limited
  • Ticker: MASFIN
  • Exchange: NSEI
  • Founded: 1995
  • Industry: Consumer Finance
  • Sector: Diversified Financials
  • Market Cap: ₹44.656b
  • Shares outstanding: 54.66m
  • Website: https://www.mas.co.in

Number of Employees


Location

  • MAS Financial Services Limited
  • 6, Narayan Chambers
  • Ground Floor
  • Ahmedabad
  • Gujarat
  • 380009
  • India

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
540749BSE (Mumbai Stock Exchange)YesEquity SharesININROct 2017
MASFINNSEI (National Stock Exchange of India)YesEquity SharesININROct 2017

Biography

MAS Financial Services Limited offers retail financing services in India. The company provides micro enterprise, two wheeler, small and medium enterprise, commercial vehicle, used car, tractor, and housing ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/12/13 13:10
End of Day Share Price2019/12/13 00:00
Earnings2019/09/30
Annual Earnings2019/03/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.