Moneycontrol
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Tune in on 17th July for the Small Business Virtual Summit with Cisco. Register now!
Last Updated : Feb 28, 2020 12:36 PM IST | Source: Moneycontrol.com

Subscribe to SBI Cards: Choice Equity Broking

Choice Equity Broking has come out with its report on SBI Cards. The research firm has recommended to "Subscribe'' the IPO in its research report as on February 27, 2020

 
 
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Choice Equity Broking's IPO report on SBI Cards


SBI Cards and Payment Services Ltd. (SBI Card), another PSU stock is about to enter equity market with its IPO, which opens on 2nd Mar.and close on 5th Mar. 2020. The price band is Rs. 750 - 755 per share. •The issue comprises of 137.15 - 137.19mn shares (fresh issue: 6.62 - 6.67; OFS shares: 130.53mn shares) in offering. Total IPO size is Rs. 102,895.1 - 103,547.7mn. •The company will not receive any proceeds from OFS. Majority of thefresh issue net proceeds, will be utilize by the company to augmentthe capital base so as to meet the future capital requirement.


Valuation and Outlook


On valuation front, at higher price brand SBI Card is demanding an adjusted P/B multiple of 15.6x, as compared to globalpeer average of 2.7x. Based on FY22E adjusted P/B, it is demanding a valuation of 8.6x. We firmly believe that SBI Card is nota pure play NBFC, so valuing it on P/E may also make sense. At higher price band, the company is demanding a P/E multipleof 50.3x (to its restated TTM EPS of Rs. 15). Based on FY22E EPS, the demanded P/E comes out to be 39.4x.


For all IPO stories, 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.

First Published on Feb 28, 2020 12:36 pm
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