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Hold Sundaram Finance; target of Rs 2200: ICICI Direct

ICICI Direct recommended hold rating on Sundaram Finance with a target price of Rs 2200 in its research report dated August 17, 2022.

August 19, 2022 / 04:41 PM IST
 
 
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ICICI Direct's research report on Sundaram Finance


Sundaram Finance (SFL) is a Chennai-based financial group with a presence in auto finance, home finance, asset management and general insurance. Major value is derived from its vehicle financing business with AUM of Rs 30,552 crore as of June 2022 • SFL has 632 branches with a substantial presence (~51%) in southern India.


Outlook


We maintain our HOLD rating on the stock. We value the core business (vehicle finance) at ~2.3x FY24E ABV and revise our SOTP based target price at Rs 2200 per share from Rs 2450.


For all recommendations report, click here


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Sundaram Finance - 180822 - ic

Broker Research
first published: Aug 19, 2022 04:40 pm