Buy Bajaj Finance; target of Rs 9500: ICICI Direct

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ICICI Direct's research report on Bajaj Finance

Bajaj Finance is a dominant player in the consumer finance space while it has also made a foray into various lending segments wherein housing has grown to a significant size. Consumer business forms ~33% of overall consolidated AUM • Bajaj Finance maintained strong operating metrics over various credit and rate cycles leading to >18% RoE and >3.5% RoA consistently.

Outlook

The core business has got potential and is well on track to get transformed into an adaptable new age fin-tech. No plans to convert to a bank on immediate basis. Maintain TP of Rs 9500 by valuing at ~8.4x FY24E ABV.

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