Meghna LUTHRA

Meghna LUTHRA

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meghna.luthra@incredresearch.com
Executive Summary

Valuation
Company Industry Sector Rating MktCap
(US$bn)		 Price Target
Price		 Up/
down (%)		 CORE EPS EPS Growth (%) PER (x) P/Bk (x) EV/EBITDA (x) Yield (%) ROAE (%)
FY21 FY22F FY23F FY22F FY23F FY22F FY23F FY22F FY23F FY22F FY22F FY22F
Aavas Financiers Ltd BFSI Financial Services ADD 1.8 1,641 2,000 21.9% 36.9 45.1 54.8 22.4% 21.4% 37.80 31.14 4.59 3.94 0.00 0.00% 13.6%
Aditya Birla Sunlife AMC BFSI Financial Services ADD 3.3 820 1,000 22.0% 17.9 22.9 24.2 28.0% 5.7% 33.07 31.28 10.73 9.41 0.00 0.98% 33.7%
Axis Bank Banks Financial Services HOLD 48.3 1,134 1,250 10.2% 22.1 42.5 31.2 91.8% (26.6%) 26.65 36.32 3.03 2.81 0.00 0.09% 12.0%
Bajaj Finance Ltd BFSI Financial Services ADD 56.2 6,595 9,000 36.5% 73.5 116.5 190.7 58.6% 63.7% 58.21 35.55 9.10 7.32 0.00 0.30% 17.4%
Cholamandalam Investment and Finance Company BFSI Financial Services ADD 14.3 1,236 1,550 25.4% 18.5 26.1 32.5 41.5% 24.2% 52.50 42.27 8.67 7.10 0.00 0.16% 20.2%
CreditAccess Grameen Ltd BFSI Financial Services ADD 1.9 885 765 (13.5)% 8.4 26.5 55.1 213.6% 108.2% 0.00 0.00 3.35 2.77 0.00 0.00% 10.6%
Equitas Small Finance Bank Limited Financial Services - Overall Financial Services ADD 1.0 66 65 (1.4)% 3.1 4.9 6.8 56.5% 38.4% 6.76 4.89 1.94 1.62 0.00 0.00% 15.6%
Federal Bank Banks Financial Services ADD 7.0 207 110 (46.8)% 8.0 10.4 12.7 30.4% 21.8% 0.00 0.00 2.33 2.09 0.00 1.16% 12.3%
Fusion Finance Limited BFSI Financial Services NOT RATED 0.2 170 270 59.1% 5.5 2.7 38.6 (51.7%) 1,353.0% 92.57 6.37 1.05 0.73 0.00 0.00% 1.7%
HDFC AMC BFSI Financial Services HOLD 12.3 4,190 4,750 13.4% 62.3 65.3 66.8 4.9% 2.2% 69.71 68.20 16.15 14.62 0.00 1.00% 27.0%
HDFC Bank Banks Financial Services ADD 183.4 1,742 2,150 23.4% 56.4 66.7 79.1 18.1% 18.6% 25.23 21.28 4.02 3.47 0.00 0.89% 16.7%
Home First Finance company BFSI Financial Services ADD 1.3 1,052 1,350 28.3% 11.5 21.2 26.1 85.3% 22.7% 51.89 42.30 5.86 5.07 0.00 0.00% 12.6%
Housing Development Fin. BFSI Financial Services ADD 0.0 0 3,000 0.0% 66.0 78.3 93.1 18.7% 18.9% 34.52 29.03 0.00 0.00 0.00 0.00% 12.6%
ICICI Bank Banks Financial Services ADD 121.4 1,249 1,500 20.1% 25.1 33.7 44.9 34.0% 33.4% 37.30 27.97 5.09 4.42 0.00 0.40% 14.7%
IndusInd Bank Banks Financial Services HOLD 10.7 1,000 1,350 35.0% 38.8 59.6 95.2 53.7% 59.9% 21.39 13.38 1.60 1.42 0.00 0.85% 10.0%
Mahindra & Mahindra Finance BFSI Financial Services ADD 4.4 260 330 27.0% 2.7 8.0 16.1 194.8% 100.4% 36.06 17.99 2.05 1.88 0.00 1.39% 6.5%
Nippon Life India Asset Management Ltd BFSI Financial Services ADD 6.0 688 900 30.9% 11.0 12.0 11.6 8.4% (3.0%) 56.77 58.52 12.29 12.19 0.00 0.00% 22.6%
SBI Cards BFSI Financial Services REDUCE 9.0 685 500 (27.0)% 10.5 17.1 23.9 63.7% 39.3% 39.99 28.70 8.33 6.59 0.00 0.37% 23.0%
SBI Life Insurance Insurance - Life Insurance ADD 21.0 1,523 2,150 41.2% 14.6 15.1 17.2 0.0% 0.0% 101.16 88.59 0.13 0.12 0.00 0.16% 0.0%
Shriram Finance Limited BFSI Financial Services ADD 14.6 2,825 4,250 50.5% 98.3 100.1 159.7 1.8% 59.5% 30.90 19.37 2.95 2.44 0.00 0.71% 11.4%
Spandana Sphoorty Financial BFSI Financial Services HOLD 0.4 374 500 33.8% 22.6 10.1 1.7 (55.2%) (82.8%) 45.32 262.83 0.84 0.84 0.00 0.00% 2.4%
State Bank of India Banks Financial Services ADD 98.7 803 1,100 37.0% 22.9 35.5 56.3 55.2% 58.6% 24.22 15.27 2.56 2.19 0.00 0.88% 14.6%
Ugro Capital NBFC Financial Services ADD 0.3 227 350 54.2% 3.5 1.6 5.8 (54.2%) 259.9% 160.03 44.47 2.14 1.60 0.00 0.00% 1.5%
UTI AMC BFSI Financial Services ADD 2.3 1,283 1,450 13.1% 39.0 42.1 34.5 8.1% (18.2%) 27.24 33.30 4.51 4.21 0.00 1.64% 15.6%
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