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Hold SBI Cards and Payments; target of Rs 950: ICICI Direct

ICICI Direct recommended hold rating on SBI Cards and Payments with a target price of Rs 950 in its research report dated October 31, 2022.

November 01, 2022 / 06:25 PM IST
 
 
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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.

For all recommendations report, click here

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SBI Cards and Payments - 31-10-2022 - icici

Broker Research
first published: Nov 1, 2022 06:25 pm

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