ICICI Direct's research report on Bajaj Finance
Bajaj Finance (BFL) is one of the leading asset finance NBFCs. The USP of BFL is its stronghold in the consumer durable (CD) & lifestyle product financing business (14% of the AUM) wherein it does not have any major competition.
Outlook
We expect PAT CAGR of 34% CAGR in FY17-19E to Rs 3279 crore, as we factor in 31% CAGR in AUM & lower CI ratio. BFL’s premium valuations are expected to sustain on better earnings visibility. We retain BUY & revise TP higher to Rs 1500/share (earlier Rs 1300) valuing at 25x FY19E EPS.
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