ICICI Direct's research report on SBI Cards and Payments
SBI Cards is subsidiary of State Bank of India (69.2% stake) and is the second largest credit card issuer in India. Market share in terms of cards issued is 18.4% and spends is 18.6% • High margin business with strong return ratios, +5% RoA and +20% RoE.
We maintain BUY rating on the stock. We value SBI Cards at ~34x FY24E EPS (~8.1x FY24E ABV) and revise our target price to Rs1100 from Rs 1000 earlier.
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