ICICI Direct's report on Bajaj Finserv
Bajaj Finserv is a financial conglomerate that is engaged in life insurance, general insurance, consumer finance and other financial products. The company has 74% stake in two insurance companies viz. Bajaj Allianz Life Insurance Company (BALIC) and Bajaj Allianz General Insurance Company (BAGIC) and 57.3% stake in Bajaj Finance.
Outlook
Consequently, based on SOTP valuation, we revise our target price to Rs 4900/share (Rs 3620 earlier) for Bajaj Finserv, which implies a multiple of 19.8x on FY19E consolidated earnings. Consequently, we maintain our BUY rating on the stock.
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