ICICI Direct's research report on CreditAccess Grameen
CreditAccess Grameen (CAG) is a Bengaluru based MFI promoted by Credit Access India BV (CAI), with ~73% stake as of December 2022. It caters to low income households lacking access to formal source of financing. CAG’s gross loan portfolio (GLP) was at Rs 17786 crore, of which ~96% is given as income generation small ticket size loans • Operations are spread across 14 states and one UT with 1,727 branches and 16,807 employees with a major presence in Karnataka (contributes ~35% of AUM), Maharashtra (~21%) and Tamil Nadu (~21%).
Outlook
We initiate coverage on the stock with a BUY recommendation. We value CAG at ~2.5x FY25E ABV to arrive at a target price of Rs 1100 per share.
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