PB Fintech 2025财年第四季度初步分析：核心税前利润略超预期；续保和健康保险领先

India | InsurancePB Fintech 4QFY25 First Cut: Core PBT Tad Ahead;Renewals & Health Ins. Lead PB Fintech's online premium rose 35% YoY (in-line with est) led by 49%rise in renewals & rise in new HI that covered for slower rise in saving-business. Rev from credit business fell 22%, so total core rev. was up31%. Contribution margin expanded >100bps YoY aided by better mix & adjEBITDA rose by 70% (both tad ahead). Ramp-up of new initiatives is easingdrag; profit rose 184% YoY to Rs1.7bn (adj for tax & ESOP it was tad ahead).Call is tom at 8am IST. Prakhar Sharma * | Equity Analyst91 22 4224 6129 | prakhar.sharma@jefferies.com Source: Company data, Jefferies Source: Company data, Jefferies Source: Company data, Jefferies Source: Company data, Jefferies We would like to thank Satvik Kanabar, employee of Evalueserve Inc., for providing research support services to our preparation of this report. Company Description PB Fintech Incorporated in 2008, PB Fintech has built India’s largest online platforms for insurance and lending products, Policybazaar and Paisabazaarrespectively, with an objective to provide convenient access to insurance, credit and other financial products. It also facilitates its insurer andlending partners to innovate and design customized products for consumers, leveraging data insights and data analytics capabilities. Company Valuation/Risks PB Fintech We rate PB Fintech a Buy with a PT of Rs2,000 based on SOTP valuation, wherein we use a) DCF to value its business, and b) 1x existing cash onbooks. Key risks: regulatory risk as fintech regulations are still evolving in India and business risk arising from emergence of strong competitorssuch as Jio FS. Analyst Certification: I, Prakhar Sharma, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report. Registration of non-US analysts:Prakhar Sharma is employed by Jefferies India Private Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst. As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate,but various regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports arepublished at irregular intervals as appropriate in the analyst's judgement. Investment Recommendation Record (Article 3(1)e and Article 7 of MAR) Recommendation PublishedMay 15, 2025 , 13:46 ET.Recommendation DistributedMay 15, 2025 , 13:46 ET. Company Specific Disclosures Jefferies Financial Group Inc., its affiliates or subsidiaries expect to receive or intend to seek compensation for investment banking services from PBFintech Limited within the next three months. Jefferies Financial Group Inc., its affiliates or subsidiaries is acting as a manager or co-manager in the underwriting or placement of securities for PBFintech Limited or one of its affiliates. Within the past twelve months, PB Fintech Limited has been a client of Jefferies Financial Group Inc., its affiliates or subsidiaries and investment bankingservices are being or have been provided. Jefferies International Ltd, its affiliates or subsidiaries has, or had, within the past 12 months an agreement to provide investment services to PB FintechLimited. Explanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period. Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period. Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or morewithin a 12-month period as these companies are typically more volatile than the overall stock market. For Hold rated securities with an average securityprice consistently below $10, the expected total return (price appreciation plus yield) is plus or minus 20% within a 12-month period. For Underperformrated securities