Ventura's research report on Edelweiss
Overall we expect consolidated revenue to grow at CAGR of 23.6% over the period FY16-19 to Rs. 9,933 crore. Consolidated PAT to grow at CAGR of 35.6% over FY16-19 to Rs. 1,032 crore. RoA to expand by 68bps to 1.9% by FY19. RoE to broaden by 581bps to 17.1% by FY19.
Outlook
We initiate coverage on EFSL as a Buy with a SOTP based price objective of Rs.217 representing a potential upside of 75.0 % over a period of 21 months. At CMP of Rs. 124, the stock is trading at 2.5X FY17 P/Adj. BV.
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