ICICI Direct's report on State Bank of India
SBI has depicted strength in the current environment managing the asset quality and profitability well. Relatively lower exposure to stressed sectors/corporates is also keeping expectations high.
Outlook
We value banking at 1.4x FY19E consolidate ABV to Rs 200/share. We revise subsidiaries valuation with SBI Life now valued Rs 20000 crore factoring in stake sale. Rolling over to FY19E for non-banking subsidiaries we add Rs 35 to our SoTP. We revise target price to Rs 335 from Rs 310 earlier & maintain BUY.
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