Feb 16, 2017 03:52 PM IST | Source: Moneycontrol.com
Hold Bank of Baroda; target of Rs 180: ICICI Direct
ICICI Direct recommended hold rating on Bank of Baroda with a target price of Rs 180 in its research report dated February 13, 2017.
ICICI Direct's research report on Bank of Baroda
BoB has a pan-India presence with a wide network of 5368 branches. Of these, 28% branches (Rs 1500 branches) are in Gujarat and Maharashtra that are CASA rich states and have higher industrial activity. The domestic CASA ratio had been stable at 33%.
With book value estimated lower in FY18E, we revise the valuation to 1.5x FY18E ABV, maintaining the target price at Rs 180/share. We maintain HOLD. Bank indication of no fresh capital in the next two years and plans to sell noncore assets like NSE and UTI AMC stake, could garner Rs 2500 crore.
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