ICICI Direct's research report on Bajaj Finance
Bajaj Finance, a strong NBFC with digital footprints, made a strong comeback with AUM growth reaching ~26-28% YoY. Harnessing its large franchise base digitally offers a huge opportunity. Housing forms 33% of the book. Bajaj Finance maintained strong operating metrics over various credit and rate cycles leading to >18% RoE and > 4% RoA leading to 2x.
Outlook
We maintain BUY rating on the stock, offering compounding returns. We revise target price to Rs 7250 from Rs 8650 keeping multiple at ~5.7x FY25E ABV.
For all recommendations report, click here
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