Moneycontrol
May 18, 2017 06:07 PM IST | Source: Moneycontrol.com

Buy Credit Analysis & Research; target of Rs 1750: ICICI Direct

ICICI Direct is bullish on Credit Analysis & Research has recommended buy rating on the stock with a target price of Rs 1750 in its research report dated May 17, 2017.

Buy Credit Analysis & Research; target of Rs 1750: ICICI Direct

ICICI Direct's research report on Credit Analysis & Research


CARE, the second largest rating company by market share, is a pure play on the rating business with 99% (Rs 281 crore) of its FY17 core revenue generated from the rating segment. The highlight of CARE’s business is its best-in-class EBITDA margin of 60%+ and PAT margin of 50%.


Outlook


We remain structurally positive on the rating business. We revise our target price higher to Rs 1750 (earlier Rs 1650) as we roll over to FY19E, valuing at 25x FY19E EPS & maintain BUY.


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