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DCBBANK Share Price Target

DCB Bank Ltd.
Sector: Banks
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DCBBANK Share Price *
173.6 -1.15 (-0.66%)
* (quote may be delayed)
DCBBANK Share Price Forecast - Consensus
No. of reports in last year
22
No. of analysts
11
Average Consensus Forecast
229.64
Consensus Potential
23.24%

DCBBANK Share Price Target - Broker Reports - 2019

ICICIdirect.com
22-Oct-19
Price @ Call: 177.22
Target: 220
BUY
Despite a weak quarter and muted outlook for the next two quarters, DCB is poised to maintain its long term growth path. Further, focus on risk adjusted growth coupled with improvement in CI ratio is expected to improve earnings at 26% CAGR for FY19-21E, return ratios to ~1.2% & RoE to ~15% by FY21E. Therefore, we maintain our BUY recommendation and revise our target price downward to Rs 220 (earlier Rs 260), valuing it at ~2.0x FY21E ABV.
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Nirmal Bang
22-Oct-19
Price @ Call: 177.22
Target: 187
ACCUMULATE
DCB Bank (DBL) reported 2QFY20 results with the key pointers being: (1) Loan growth continued to be weak at 12% YoY with de-growth in corporate loans and tepid growth in a variety of small-ticket loans (2) While NIM was stable QoQ at 3.67%, the absolute level is on the lower side (3) Core fee income grew slowly at 3% YoY. Opex control, however, was relatively better with total opex rising 10% YoY (4) Fresh slippages, at Rs 1.61bn, were elevated compared with FY19 quarterly average of Rs 1.04bn but is still not, relatively, a major concern. (See detailed conference call takeaways on page 2 for significant incremental colour). Per se, on the key P&L items, DBL posted NII growth of 11% YoY at Rs3,134mn, PPOP growth of 26% YoY at Rs1,845mn and PAT growth of 25% YoY at Rs914mn. We have revised our estimates for FY20/FY21/FY22 and retained Accumulate rating (neutral stance) on DBL, revising our target price to Rs187 (from Rs205 earlier) and valuing the stock at 1.3x H1FY22E P/BV.
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Arihant Capital Markets
19-Jul-19
Price @ Call: 201.05
Target: 218
HOLD
We like DCB Bank due to its granular loan book, risk adjusted growth approach and steady NIMs profile. However, we expect some headwinds in the near term on its growth, margin and asset quality front. Moderation in credit growth/NIMs coupled with asset quality stress could weigh on its return ratios. We have valued the stock at 1.8(x) to its FY21E ABV and arrived at a fair value of Rs 218 per share, giving a potential upside of 9%. We downgrade the stock to ‘HOLD’ with a revised TP of Rs 218.
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ICICIdirect.com
18-Jul-19
Price @ Call: 199.65
Target: 250
BUY
DCB Bank has maintained its long term growth path. Focus on risk adjusted growth, steady margins and improvement in CI ratio are expected to lead to an improvement in earnings at 23.5% CAGR, return ratio of ~1.1% and RoE of ~15% by FY21E. Therefore, we reiterate our positive stance and maintain our target price of Rs 250 valuing at 2.2x FY21E ABV. Recommend BUY.
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Nirmal Bang
17-Jul-19
Price @ Call: 238.8
Target: 256
ACCUMULATE
We have revised our estimates for FY20/FY21 and downgraded DBL to Accumulate on slower growth, margin pressure and tepid core fee income traction, revising our target price to Rs256 (from Rs278 earlier) and valuing the stock at 1.8x FY21E P/BV.
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Elara Capital
12-Jul-19
Price @ Call: 241.25
Target: 276
BUY

Cholamandalam Securities
24-Apr-19
Price @ Call: 207.05
Target: 247
HOLD
We believe that healthy loan book growth, branch expansion and well-maintained asset quality paint a positive picture for the bank going forward. In addition, improvements in C/I due to concentrated effort from
management to improve its efficiency and focus on small ticket loans are expected to result in strong RoE expansion. DCB trades at 1.5X FY21E P/ABV and 9.4X FY21E EPS. We rate the stock a BUY with a target price of INR 247, assigning a FY21E P/ABV of 1.8X.
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Nirmal Bang
23-Apr-19
Price @ Call: 207.55
Target: 250
BUY
We have revised our NII estimates by -1.6%/-2.2%, PPOP estimates by 0.1%/0.2% and PAT estimates by 0.1%/0.1% for FY20/FY21, respectively. We upgrade DBL to Buy on rapid and sustained improvement in opex control, revising our target price to Rs250 (from Rs223 earlier), valuing the stock at 1.7x FY21E P/BV.
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Reliance Securities
23-Apr-19
Price @ Call: 207.55
Target: 230
BUY
The Bank’s ability to strengthen its non-fund based core income could trigger re-rating of the stock, in our view. With FY21E RoA/RoE at 1.3%/16%, the stock currently trades at 1.7x FY21E. Our earnings estimates have been revised lower marginally, factoring in slightly lower loan growth expectations. Return ratios are nonetheless slightly higher on improved capital consumption. We maintain our BUY recommendation on the stock with an unrevised Target Price of Rs230 (based on 2.0x FY21E adjusted book value).
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Arihant Capital Markets
23-Apr-19
Price @ Call: 207.55
Target: 232
ACCUMULATE
DCB bank delivered strong numbers during the quarter with 50% jump in net profit of Rs 96 cr (in-line with our estimate), driven by moderating operating expenses and lower provisioning. PPoP grew by 31% to Rs 185 cr, due to high other income and controlled OPEX. Loan growth of the bank lowered in FY19 due to de-growth in corporate book. Loan book for the year FY19 grew by 16% YoY to Rs 23,568 cr. NII for the quarter grew by 14% YoY to Rs 301 cr (our estimate: Rs 295 cr). OPEX grew by 4% YoY while it was flat on QoQ basis to Rs 215 cr, due to slower branch addition and improving productivity leading to improvement in Cost to Income ratio. CI ratio declined by 151 bps QoQ to 53.71% (multi quarter low).
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SPA Securities
23-Apr-19
Price @ Call: 207.55
Target: 242
BUY
DCB achieving its medium term guidance of 1% ROA and <54% C/ I ratio post heavy branch expansion plan in FY16 despite macro challenges (Demon & GST) is creditable. We believe improvement in productivity and fee income should drive return ratios going ahead. We have factored in an equity infusion of INR 4050mn at 225 per share in the beginning of FY21E in our model. We believe higher earnings growth to continue (30% CAGR for FY19-21E), resulting in ROA/ROE improvement from 1.0%/11% in FY19 to 1.2%/ 14.0% in FY21E. Maintain BUY with a target of INR 242, valuing the bank at 1.8x P/BV of FY21E BV of INR 135. Currently, the stock trades at 1.8x / 1.5x FY20E / 21E P/BV respectively.
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Motilal Oswal
22-Apr-19
Price @ Call: 207.63
Target: 250
BUY
DCBB has successfully executed its strategy of branch expansion, small-ticket-size, secured granular lending to self-employed customers, and scaling of retail liabilities. We expect loan growth (24% CAGR over FY19-21) to stay ahead of system loan growth and credit cost to remain stable due to high proportion of secured loans. With incremental branch expansion moderating, the C/I ratio is estimated to improve to 50% by FY21, driving RoA/RoE to 1.2%/16.2% by FY21. We roll forward our estimates to FY21 and revise our TP to INR250 (2.0x FY21E ABV). Upgrading our rating to Buy from Neutral.
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HDFC Securities
19-Apr-19
Price @ Call: 200.73
Target: 228
BUY
4QFY19 marked the fulfillment of dual commitments by DCBB, viz. (1) Achievement of 1% RoAA in FY19A, (2) A meaningful improvement in operating efficiency (C-I ratio lowest in 20 qtrs). We maintain BUY with a TP of Rs 228 (2x FY21E ABV of Rs 114). Despite macro challenges (Demon and GST), DCBB fulfilled its almost prophetic guidance of 1% RoAA. While loan growth disappointed in 4QFY19 (16%), stable margins, improving op-lev and asset quality impressed. With its core growth engine intact, we believe DCBB has the potential to grow at faster rates. Upgrade earnings by ~12/16% for FY20/21E. A significant improvement in resulting efficiencies (anticipated) drives up our RoAA estimate to ~1.2% by FY21E.
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ICICIdirect.com
19-Apr-19
Price @ Call: 200.73
Target: 250
BUY
4QFY19 marked the fulfillment of dual commitments by DCBB, viz. (1) Achievement of 1% RoAA in FY19A, (2) A meaningful improvement in operating efficiency (C-I ratio lowest in 20 qtrs). We maintain BUY with a TP of Rs 228 (2x FY21E ABV of Rs 114). Despite macro challenges (Demon and GST), DCBB fulfilled its almost prophetic guidance of 1% RoAA. While loan growth disappointed in 4QFY19 (16%), stable margins, improving op-lev and asset quality impressed. With its core growth engine intact, we believe DCBB has the potential to grow at faster rates. Upgrade earnings by ~12/16% for FY20/21E. A significant improvement in resulting efficiencies (anticipated) drives up our RoAA estimate to ~1.2% by FY21E.
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Nirmal Bang
21-Jan-19
Price @ Call: 181.87
Target: 244
BUY

HDFC Securities
18-Jan-19
Price @ Call: 186.15
Target: 213
BUY

Arihant Capital Markets
18-Jan-19
Price @ Call: 186.15
Target: 208
ACCUMULATE

Reliance Securities
18-Jan-19
Price @ Call: 186.15
Target: 202
BUY

Cholamandalam Securities
18-Jan-19
Price @ Call: 186.15
Target: 218
BUY

Kotak Securities
17-Jan-19
Price @ Call: 181.5
Target: 210
BUY

Edelweiss
17-Jan-19
Price @ Call: 181.5
Target: 211
HOLD

ICICIdirect.com
17-Jan-19
Price @ Call: 181.5
Target: 210
BUY

DCBBANK Share Price Target - Broker Reports - 2018

ICICIdirect.com
22-Oct-18
Price @ Call: 158.45
Target: 170
HOLD

AnandRathi
22-Oct-18
Price @ Call: 154.93
Target: 200
BUY

Cholamandalam Securities
22-Oct-18
Price @ Call: 154.93
Target: 223
BUY

Nirmal Bang
20-Oct-18
Price @ Call: 158.65
Target: 207
BUY

Centrum
20-Oct-18
Price @ Call: 158.65
Target: 205
BUY

HDFC Securities
20-Oct-18
Price @ Call: 158.65
Target: 209
BUY

AnandRathi
23-Jul-18
Price @ Call: 157.96
Target: 200
HOLD

Motilal Oswal
17-Jul-18
Price @ Call: 161.6
Target: 170
NEUTRAL

Edelweiss
17-Jul-18
Price @ Call: 161.6
Target: 207
HOLD

HDFC Securities
17-Jul-18
Price @ Call: 161.6
Target: 216
BUY

Nirmal Bang
17-Jul-18
Price @ Call: 161.6
Target: 235
BUY

ICICIdirect.com
17-Jul-18
Price @ Call: 161.6
Target: 170
HOLD

Cholamandalam Securities
17-Jul-18
Price @ Call: 161.6
Target: 223
BUY

Centrum
17-Jul-18
Price @ Call: 161.6
Target: 215
BUY

Arihant Capital Markets
17-Jul-18
Price @ Call: 161.6
Target: 175
HOLD

Nirmal Bang
19-Apr-18
Price @ Call: 196.4
Target: 223
BUY

Edelweiss
17-Apr-18
Price @ Call: 189.55
Target: 207
HOLD

Reliance Securities
17-Apr-18
Price @ Call: 189.55
Target: 247
BUY

Cholamandalam Securities
17-Apr-18
Price @ Call: 189.55
Target: 223
BUY

Arihant Capital Markets
17-Apr-18
Price @ Call: 189.55
Target: 227
HOLD

HDFC Securities
17-Apr-18
Price @ Call: 189.55
Target: 216
BUY

Edelweiss
19-Jan-18
Price @ Call: 184.2
Target: 207
HOLD

Arihant Capital Markets
19-Jan-18
Price @ Call: 187.13
Target: 196
HOLD

Centrum
19-Jan-18
Price @ Call: 187.13
Target: 215
BUY

DCBBANK Share Price Target - Broker Reports - 2017

Reliance Securities
15-Dec-17
Price @ Call: 186.4
Target: 223
BUY

Arihant Capital Markets
23-Oct-17
Price @ Call: 177.9
Target: 200
HOLD

Edelweiss
23-Oct-17
Price @ Call: 177.9
Target: 200
HOLD

ICICIdirect.com
23-Oct-17
Price @ Call: 177.9
Target: 200
HOLD

Motilal Oswal
17-Oct-17
Price @ Call: 183.93
Target: 197
BUY

Arihant Capital Markets
26-Sep-17
Price @ Call: 183.15
Target: 218
BUY

Nirmal Bang
20-Jul-17
Price @ Call: 194
Target: 240
BUY

Arihant Capital Markets
18-Jul-17
Price @ Call: 199
Target: 218
HOLD

Reliance Securities
18-Jul-17
Price @ Call: 198
Target: 223
BUY

HDFC Securities
18-May-17
Price @ Call: 197
Target: 221
BUY

Nirmal Bang
20-Apr-17
Price @ Call: 176
Target: 220
BUY

Kotak Securities
18-Apr-17
Price @ Call: 173.25
Target: 190
ADD

HDFC Securities
18-Apr-17
Price @ Call: 173
Target: 197
BUY

IIFL
10-Feb-17
Price @ Call: 137
Target: 171
BUY

Arihant Capital Markets
17-Jan-17
Price @ Call: 121
Target: 129
HOLD

HDFC Securities
17-Jan-17
Price @ Call: 121
Target: 143
BUY

Nirmal Bang
17-Jan-17
Price @ Call: 121
Target: 161
BUY

Kotak Securities
16-Jan-17
Price @ Call: 122.1
Target: 140
ADD

Centrum
16-Jan-17
Price @ Call: 121
Target: 140
BUY

DCBBANK Share Price Target - Broker Reports - 2016

Edelweiss
17-Oct-16
Price @ Call: 122
Target: 109
REDUCE

Arihant Capital Markets
15-Oct-16
Price @ Call: 122
Target: 141
ACCUMULATE

Powermywealth.com
20-Jun-16
Price @ Call: 97.5
Target: 122.5
HOLD

Kotak Securities
20-Apr-16
Price @ Call: 88
Target: 100
BUY

  • DCBBANK - Share Price Target Potential

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    BrokerageTargetPotential
    ICICIdirect.com22020.57%
    Nirmal Bang1876.55%
    Arihant Capital Markets21819.84%
    Elara Capital27636.68%
    Cholamandalam Securities24729.25%