Financial Services

Valuation
Company Industry Analyst Rating MktCap
(US$bn)		 Price Target
Price		 Up/
down (%)		 CORE EPS EPS Growth (%) PER (x) P/Bk (x) EV/EBITDA (x) Yield (%) ROAE (%)
FY24 FY25F FY26F FY25F FY26F FY25F FY26F FY25F FY26F FY25F FY25F FY25F
Aavas Financiers Ltd BFSI Jignesh SHIAL ADD 1.9 2,085 2,100 0.7% 62.1 72.7 87.3 17.1% 20.1% 23.44 19.51 3.79 3.27 0.00 0.00% 14.2%
Aditya Birla Sunlife AMC BFSI Jignesh SHIAL ADD 2.2 649 850 31.0% 36.0 32.1 39.0 (10.7%) 21.2% 20.02 16.52 5.25 4.65 0.00 2.77% 27.6%
Axis Bank Banks Bhavik Shah ADD 39.3 1,084 1,285 18.5% 40.3 41.9 42.8 4.1% 2.1% 24.14 23.65 3.75 3.28 0.00 0.28% 15.7%
Bajaj Finance Ltd BFSI Jignesh SHIAL ADD 62.8 8,669 9,750 12.5% 233.5 271.7 361.4 16.3% 33.0% 28.56 21.47 5.93 4.93 0.00 0.58% 20.1%
Cholamandalam Investment and Finance Company BFSI Jignesh SHIAL HOLD 14.4 1,460 1,300 (11.0)% 40.7 49.6 61.2 21.7% 23.4% 25.80 20.90 5.25 4.48 0.00 0.27% 19.4%
CreditAccess Grameen Ltd BFSI Jignesh SHIAL ADD 1.8 979 765 (21.9)% 0.0 0.0 0.0 0.0% 0.0% 0.00 0.00 0.00 0.00 0.00 0.00% 0.0%
Equitas Small Finance Bank Limited Financial Services - Overall Jignesh SHIAL ADD 0.8 57 65 14.8% 0.0 0.0 0.0 0.0% 0.0% 0.00 0.00 0.00 0.00 0.00 0.00% 0.0%
Federal Bank Banks Jignesh SHIAL ADD 5.5 192 110 (42.7)% 0.0 0.0 0.0 0.0% 0.0% 0.00 0.00 0.00 0.00 0.00 0.00% 0.0%
Fusion Finance Limited BFSI Jignesh SHIAL NOT RATED 0.2 140 270 92.7% 50.3 8.6 34.3 (82.9%) 299.7% 28.64 7.17 0.48 0.43 0.00 0.00% 3.0%
HDFC AMC BFSI Jignesh SHIAL HOLD 10.2 4,075 4,200 3.1% 91.3 122.0 157.2 33.7% 28.8% 31.42 24.40 11.42 10.51 0.00 2.38% 35.4%
HDFC Bank Banks Jignesh SHIAL ADD 160.8 1,797 2,150 19.7% 80.0 88.7 104.0 10.8% 17.2% 18.78 16.01 2.79 2.51 0.00 1.39% 14.5%
Home First Finance company BFSI Jignesh SHIAL ADD 1.0 992 1,150 16.0% 34.5 42.5 53.5 23.2% 25.7% 22.61 17.99 3.59 3.11 0.00 0.00% 16.5%
Housing Development Fin. BFSI Jignesh SHIAL ADD 0.0 0 3,000 0.0% 0.0 0.0 0.0 0.0% 0.0% 0.00 0.00 0.00 0.00 0.00 0.00% 0.0%
ICICI Bank Banks Jignesh SHIAL ADD 110.0 1,331 1,500 12.7% 57.3 64.9 73.0 13.3% 12.4% 18.62 16.56 3.46 3.01 0.00 0.98% 18.1%
IndusInd Bank Banks Jignesh SHIAL HOLD 6.4 702 1,050 49.5% 115.2 80.2 116.3 (30.4%) 45.0% 12.23 8.44 0.81 0.73 0.00 1.99% 9.6%
Mahindra & Mahindra Finance BFSI Jignesh SHIAL ADD 3.9 269 330 22.8% 14.3 19.4 20.8 36.0% 7.4% 14.03 13.06 1.72 1.61 0.00 3.72% 12.8%
Muthoot Finance Ltd BFSI Jignesh SHIAL ADD 0.0 0 1,420 0.0% 100.9 0.0 0.0 0.0% 0.0% 0.00 0.00 0.00 0.00 0.00 0.00% 0.0%
Nippon Life India Asset Management Ltd Financial Services - AMCs Jignesh SHIAL ADD 4.4 594 900 51.6% 17.6 23.1 31.8 31.5% 37.6% 29.39 21.36 9.22 9.00 0.00 0.00% 36.2%
SBI Cards BFSI Jignesh SHIAL REDUCE 9.5 857 550 (35.8)% 25.3 20.1 25.0 (20.7%) 24.4% 37.55 30.18 5.95 5.18 0.00 0.35% 14.8%
Shriram Finance Limited BFSI Jignesh SHIAL ADD 14.1 639 800 25.1% 191.3 214.7 263.0 12.2% 22.5% 2.45 2.00 0.42 0.36 0.00 2.35% 15.2%
Spandana Sphoorty Financial BFSI Jignesh SHIAL HOLD 0.2 245 360 47.2% 70.6 (123.1) 34.7 (274.3%) (128.2%) (2.92) 10.36 0.61 0.56 0.00 0.00% (27.0%)
State Bank of India Banks Bhavik Shah HOLD 81.0 776 795 2.4% 76.4 74.6 64.3 (2.3%) (13.8%) 9.73 11.29 1.59 1.44 0.00 1.77% 16.4%
Ugro Capital NBFC Meghna LUTHRA ADD 0.2 173 320 85.3% 13.0 16.3 21.5 24.9% 31.7% 15.70 11.92 1.00 0.77 0.00 0.00% 9.9%
UTI AMC BFSI Jignesh SHIAL ADD 1.6 1,065 1,350 26.8% 60.3 66.4 85.1 10.2% 28.2% 15.84 12.36 2.78 2.48 0.00 3.29% 18.2%
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