HDFC Securities' research report on Equitas
Equitas Holdings, headquartered in Tamil Nadu, is a lender to underserved segments in urban, semi-urban and rural India. With an AUM of Rs 72bn, it provides Microfinance, Used CV Vehicles, MSE and Housing Finance loans.
Outlook
However, the SFB conversion would make Equitas’ growth sustainable (and arguably superior to vanilla micro-finance) with cost and franchise benefits. Initiate coverage with a BUY and TP of Rs 210 (3x Dec-18 P/ABV).
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