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Buy ICICI Lombard General Insurance: target of Rs 1710: Sharekhan

Sharekhan is bullish on ICICI Lombard General Insurance has recommended buy rating on the stock with a target price of Rs 1710 in its research report dated December 24, 2020.

December 28, 2020 / 04:02 PM IST
 
 
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Sharekhan's research report on ICICI Lombard General Insurance


We had management interaction with ICICI Lombard General Insurance (ILGI) to get a business update. Higher collections in the health insurance vertical and momentum on the overall business are positive. Recovery (and rebound) in auto sales and strong pickup in the health segment have helped post GDPI collections in YTD basis, which are encouraging. Company expects gradual normalisation of claims; however, we believe strong revenue growth traction will help offset the same. We have fine-tuned our estimates and target multiples for the stock. ILGI trades at 40x/32.7x its FY2022E/FY2023E EPS; long-term business fundamentals have remained steady even during times of crisis.


Outlook


We continue to have a Buy rating on ILGI with a revised PT of Rs. 1,710.

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Broker Research
first published: Dec 28, 2020 04:02 pm

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