Buy SBI Cards and Payments; target of Rs 1100: ICICI Direct

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ICICI Direct's research report on SBI Cards and Payments

SBI Cards is subsidiary of State Bank of India (69.2% stake) and is the second largest credit card issuer in India. Market share in terms of cards issued is 18.4% and spends is 18.6% • High margin business with strong return ratios, +5% RoA and +20% RoE.

Outlook

We maintain BUY rating on the stock. We value SBI Cards at ~34x FY24E EPS (~8.1x FY24E ABV) and revise our target price to Rs1100 from Rs 1000 earlier.

For all recommendations report, click here

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SBI Cards and Payments - 290722 - ici