ICICI Direct's research report on Muthoot Finance
Muthoot Finance is a leading gold financier in India with standalone AUM of Rs 57230 crore as on September 2022. It has a large footprint across India with 4600+ gold lending branches • The company also has a presence in other lending segments like microfinance, housing, vehicle finance via its subsidiaries.
Outlook
We retain our HOLD rating on the stock. We value the core business (gold loan) at ~2x FY24E ABV and assign Rs 31 to subsidiaries, revising our target price to Rs 1150 from Rs 1300.
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