Oct 19, 2016 06:34 PM IST | Source:

Accumulate DCB Bank; target of Rs 141: Arihant Capital

Arihant Capital has recommended accumulate rating on DCB Bank with a target price of Rs 141 in its research report dated October 15, 2016.

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Arihant Capital's research report on DCB Bank

DCB Bank Ltd. reported strong growth this quarter. Operating Profit came in at Rs. 101 Cr. for Q2 FY 2017 as against Rs. 78 Cr. in Q2 FY 2016 registering robust growth of 29% and growth of 9% QoQ. PAT increased to Rs 48.5 crs, 31% YoY and growth of 3% QoQ. We have pegged a multiple of 1.75(x) to FY18E ABV & arrived at a fair value of Rs 141 per share. At CMP of Rs 122 the stock is available at its FY 18E P/ABV of 1.5(x). We have “Accumulate” rating on the stock.

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