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 1.8 1,922 2,100 9.2% 62.1 72.7 87.3 17.1% 20.1% 23.44 19.51 3.50 3.02 0.00 0.00% 14.2%
Aditya Birla Sunlife AMC Financial Services - AMCs Meghna LUTHRA ADD 2.6 779 800 2.7% 36.0 32.1 37.9 (10.7%) 17.9% 20.00 16.96 6.05 5.63 0.00 3.08% 27.0%
AU Small Finance Bank Banks Bhavik Shah ADD 6.5 750 820 9.4% 2.4 2.8 3.1 16.9% 9.9% 243.06 221.13 32.51 26.13 0.00 0.13% 14.2%
Axis Bank Banks Bhavik Shah ADD 43.2 1,195 1,430 19.7% 40.3 42.6 44.0 5.7% 3.4% 23.76 22.99 4.12 3.58 0.00 0.08% 15.9%
Bajaj Finance Ltd BFSI Meghna LUTHRA ADD 68.0 9,372 10,800 15.2% 233.7 270.0 347.4 15.5% 28.7% 33.68 26.17 6.02 5.07 0.00 0.60% 19.3%
Bank of Baroda Banks Bhavik Shah HOLD 14.9 246 240 (2.3)% 34.4 37.8 31.7 10.1% (16.1%) 6.24 7.43 0.93 0.86 0.00 3.39% 15.7%
Bank of India Banks Bhavik Shah HOLD 6.6 124 115 (7.7)% 13.9 20.2 18.3 45.9% (9.4%) 5.51 6.08 0.72 0.67 0.00 3.26% 12.5%
Canara Bank Banks Bhavik Shah ADD 12.3 116 110 (5.2)% 16.0 18.8 13.2 17.0% (29.7%) 5.03 7.15 1.05 0.95 0.00 3.46% 18.2%
Cholamandalam Investment and Finance Company Financial Services - Overall Meghna LUTHRA HOLD 15.6 1,593 1,550 (2.7)% 40.7 50.6 61.8 24.3% 22.0% 30.49 24.98 5.67 4.80 0.00 0.13% 19.7%
CreditAccess Grameen Ltd BFSI Jignesh SHIAL ADD 2.2 1,200 765 (36.2)% 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 0.9 67 65 (2.5)% 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 Bhavik Shah HOLD 6.0 208 220 6.1% 15.3 16.5 15.3 8.0% (7.4%) 12.55 13.56 1.53 1.37 0.00 0.58% 13.0%
Fusion Finance Limited BFSI Jignesh SHIAL NOT RATED 0.3 172 270 57.0% 50.3 8.6 34.3 (82.9%) 299.7% 28.64 7.17 0.59 0.53 0.00 0.00% 3.0%
HDFC AMC BFSI Meghna LUTHRA ADD 12.7 5,088 4,900 (3.7)% 91.3 115.4 145.6 26.5% 26.1% 34.54 27.38 13.33 12.38 0.00 1.77% 32.4%
HDFC Bank Banks Bhavik Shah ADD 177.0 1,979 2,200 11.2% 80.0 88.0 94.1 9.9% 6.9% 19.49 18.24 3.02 2.70 0.00 1.11% 14.3%
Home First Finance company BFSI Meghna LUTHRA ADD 1.6 1,301 1,450 11.5% 34.5 42.4 48.5 22.8% 14.3% 28.34 24.80 4.65 3.17 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 Bhavik Shah ADD 121.6 1,460 1,650 13.0% 29.1 33.2 34.2 13.9% 3.3% 42.43 41.08 7.12 6.22 0.00 0.65% 17.8%
IndusInd Bank Banks Bhavik Shah HOLD 7.5 823 840 2.1% 11.5 3.4 5.1 (70.5%) 51.7% 229.98 151.63 9.94 9.36 0.00 0.00% 4.2%
Kotak Mahindra Bank Banks Bhavik Shah ADD 48.1 2,073 2,410 16.2% 13.9 13.8 14.5 (0.5%) 4.9% 151.44 144.30 17.58 15.72 0.00 0.12% 12.8%
Mahindra & Mahindra Finance BFSI Meghna LUTHRA ADD 4.0 276 370 34.3% 14.3 19.0 20.8 33.3% 9.7% 14.59 13.30 1.72 1.61 0.00 2.36% 12.4%
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 Meghna LUTHRA ADD 5.9 791 780 (1.3)% 17.6 20.3 26.1 15.3% 28.9% 31.35 24.32 11.91 11.68 0.00 0.00% 31.4%
Punjab National Bank Banks Bhavik Shah ADD 14.8 110 107 (2.7)% 7.5 14.8 12.7 97.3% (14.2%) 6.39 7.45 0.99 0.91 0.00 2.63% 14.5%
SBI Cards BFSI Meghna LUTHRA REDUCE 11.0 993 800 (19.4)% 25.3 20.1 25.9 (20.4%) 28.4% 46.77 36.43 6.86 5.95 0.00 0.25% 14.8%
Shriram Finance Limited BFSI Meghna LUTHRA ADD 15.1 688 830 20.6% 38.3 42.9 54.0 12.0% 25.9% 15.58 12.38 2.31 1.97 0.00 1.45% 15.5%
Spandana Sphoorty Financial BFSI Meghna LUTHRA HOLD 0.2 273 310 13.4% 70.2 (145.2) 1.1 (306.7%) (100.8%) (2.00) 261.83 0.74 0.74 0.00 0.00% (33.0%)
State Bank of India Banks Meghna LUTHRA HOLD 84.7 813 875 7.6% 76.4 79.4 70.1 4.0% (11.7%) 9.14 10.35 1.64 1.48 0.00 1.96% 17.3%
Ugro Capital NBFC Meghna LUTHRA ADD 0.2 174 270 55.2% 13.0 15.7 15.8 20.1% 0.8% 11.65 11.56 0.78 0.92 0.00 0.00% 8.3%
UTI AMC BFSI Meghna LUTHRA ADD 1.8 1,224 1,300 6.2% 60.3 60.3 85.5 0.0% 41.9% 16.92 11.92 3.23 2.87 0.00 3.92% 16.3%
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