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 31% of the book. • Bajaj Finance maintained strong operating metrics over various credit, rate cycles leading to >19% RoE, >4% RoA and maintains that guidance also.
Outlook
We maintain BUY rating on the stock, offering compounding returns. We maintain our target price at Rs 7250 with a rather lower multiple of ~5.4x FY25E ABV vs. 5.7x earlier.
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