ICICI Direct's research report on SBI Cards and Payments
SBI Cards is a 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 19.1% and spends is 18.0% • High margin business with strong return ratios, +5% RoA and +20% RoE.
Outlook
We downgrade the stock from BUY to HOLD rating. We value SBI Cards at ~30x FY24E EPS (~7.1x FY24E ABV) and lower our target price from Rs 1100 to Rs 950.
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