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UJJIVAN Consensus Forecast

No. of reports in last year
No. of analysts
Average Consensus Forecast
Consensus Potential

UJJIVAN Price Target Potential

Nirmal Bang1746.35%
HDFC Securities35453.97%


Long term UJJIVAN rating by FrontPage users
4/5 (3 Ratings)

2 UJJIVAN share price target reports by brokerages below. See what is analyst's view on UJJIVAN share price forecast, rating, estimates, valuation and prediction behind the target. You may use these research report forecasts for long-term to medium term for your investment or trades in 2020.
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UJJIVAN Share Price Target

UJJIVAN Share Price Target - Broker Reports - 2021

Price @ Call: 188
Target: 174
Price @ Call: 209.15
Target: 354

UJJIVAN Share Price Target - Broker Reports - 2020

Price @ Call: 156.55
Target: 192
Ujjivan Small Finance Bank (USFB) has reported NII of Rs4,666mn, which is 6% above our expectation on the back of 33% growth in advances and improvement in cost of funds even as calc. loan yields remained stable at 20.3%. The liability side of the business continued to show improvement with deposits growing by 46% YoY, but sequential growth of 1.2% in deposits looked pale in light of the preceding growth rates. The slowdown in deposit accretion should also be seen in light of the funds mobilized through the IPO as well as the decline in disbursements (down 13% YoY and 4% QoQ). The management has ruled out any loss of deposits due to premature withdrawal or ‘flight to safety’ on account of the Yes Bank fallout. The cost trends were particularly impressive during the quarter with total opex coming down by 2.6% QoQ against a total income growth of 7.5% QoQ. Cost improvement has been made possible due to aggressive digital push and renegotiation of various contracts, including rent. With bulk of the tech investments over and negligible need for employee addition, we believe the room for gaining operational efficiencies is quite significant. Note that cost to income ratio for 4QFY20 was 64.6%. PPOP came in 31% above our estimate on account of superior cost performance. However, provisions increased by 683% YoY/217% QoQ on the back of covid-related provisions which amounted to Rs700mn. The covid-related provisions are far in excess of the RBI requirements. PAT came in 8.5% below estimate, growing by 14.7% YoY. The bank reported GNPAs of 0.97% compared to 0.95% in 3QFY20 while net NPAs reduced by 18bps QoQ to 0.20%. Given the provisioning during the quarter, the bank has increased PCR to 80% compared to 60% in 3QFY20, which should strengthen the balance sheet. The management commentary suggests that they are optimistic with respect to recoveries going forward as the proportion of severely affected customers is quite low (4% based on an internal survey across 90,000 customers). To back up their hypothesis, the management has given a fairly detailed color on the micro-banking customers, which suggests that most of the borrowers are: 1) self-employed 2) engaged in some sort of an essential service 3) having a secondary source of income 4) not migrant workers. Broadly, rural, which represents about 1/3rd of the overall portfolio, is expected to bounce back faster as customers are unlikely to remain economically inactive for a prolonged period. Plus, a higher degree of business localization in rural areas should also support recoveries. Given the high rate of run-off on the book, lockdown stretching to two full months and assuming a gradual build-up in disbursals over the year, we build in a loan book growth of 8.5% for FY21. Even though the management has sounded optimistic about recoveries, given the broader economic uncertainty, we build in higher NPAs resulting in higher credit costs. However, continued traction on cost improvement would help support profit generation. We would keenly watch how the new leadership team delivers in such uncertain and tough times. We think the implied valuation for Ujjivan Financial Services (UFSL) remains favorable. We therefore value UFSL based on 0.8xFY22E BV of USFB and apply a 20% holdco discount. We retain BUY rating on UFSL with a target price of Rs192.
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Price @ Call: 374.7
Target: 435

UJJIVAN Share Price Target - Broker Reports - 2019

Price @ Call: 311.42
Target: 435
We have revised our NII estimates by 8.2%/4.5%/0.9%, PPOP estimates by 23.9%/10.5%/7.2% and PAT estimates by 5.4%/3.7%/2.2% for FY20/FY21/FY22, respectively. We have retained Buy rating on USFL, valuing the stock at 1.8x H1FY22E P/BV and revising our target price to Rs435 (from Rs427 earlier).
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Price @ Call: 295.6
Target: 276
Though solid performance continues, the separate listing of Ujjivan Small Finance Bank will be negative for the current shareholders, as it will ultimately lead to a considerable holding company discount and dilution. Hence, we reduce our valuation to 1.4x FY21E Adj.BVPS (previous 1.95x) and arrive at a target price of Rs 276, and downgrade our rating to Reduce from Accumulate.
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Price @ Call: 285.35
Target: 415
We have revised our NII estimates by 7.3%/15.2%, PPOP estimates by 38.0%/54.6% and PAT estimates by 11.1%/15.5% for FY20/FY21, respectively. We have retained Buy rating on USFL, valuing the stock at 1.7x FY21E P/BV and revising our target price to Rs415 (from Rs402 earlier).
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Price @ Call: 354.08
Target: 406
Strong Growth Outlook; Encouraging Liability-Side Initiatives. Ujjivan Financial Services (UFSL) reported its 4QFY19 results with the key pointers being: (1) NIM at 11.7% remains on a strong footing; liability initiatives seem encouraging (2) Non-micro banking business traction remains strong with share rising to 15.3% compared to 7.3% a year ago (3) Slowdown in branch expansion pace to improve cost metrics going forward. Per se, on the key P&L items, UFSL posted NII growth of 36% YoY at Rs2,862mn, PPOP decline of 36% YoY at Rs853mn and PAT decline of 2% YoY to Rs638mn. We have revised our estimates for FY20/FY21 and retained Buy rating on UFSL, revising our target price to Rs406 (from Rs402 earlier), valuing the stock at 1.9x FY21E P/BV.
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Price @ Call: 280.35
Target: 334
Strong operating performance…. Ujjivan Small Finance Bank serves over 41 lakh asset customers through 522 branches and 14,305 employees spread across 223 districts and 24 states in India with Gross Loan Book stands at Rs9,350cr. It has over 464 full-service banking outlets with a deposit base of Rs5,362cr. • Strong growth in Net Interest Income (Interest income less interest expense), by 33% YoY on the back of 31% YoY growth in advances. • Reported a Net Profit of Rs45cr in Q3FY19 against Rs30cr in Q3FY18, mainly on account of increased other income and lower provisioning. • Net Interest Margin (NIM) has remained stable at 11.8% in Q3 FY19 as compared to Q3FY18. • GNPA improved to 1.4% and NNPA to 0.3% in Q3FY19 against 4.2% and 1.0% respectively in Q3 FY18. • Deposit reached Rs5,376cr in Q3FY19, marking a 118% YoY growth. • The long-term outlook remains positive on back of steady growth in loans as well as earnings. However, the mandate to list the bank separately adds concerns. Hence, we value at 1.6x FY21E Adj. BV and recommend to Accumulate with a revised target price of Rs334.
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UJJIVAN Share Price Target - Broker Reports - 2018

Price @ Call: 231.99
Target: 357
Price @ Call: 254.01
Target: 495
Price @ Call: 407.4
Target: 470
Price @ Call: 393
Target: 467
Price @ Call: 375.15
Target: 480
Price @ Call: 365.05
Target: 430
Price @ Call: 397.1
Target: 457

UJJIVAN Share Price Target - Broker Reports - 2017

Price @ Call: 368.4
Target: 400
Price @ Call: 373.55
Target: 426
Price @ Call: 316.65
Target: 375
Price @ Call: 326.9
Target: 391
Price @ Call: 299.25
Target: 370
Price @ Call: 346
Target: 415
Price @ Call: 357.76
Target: 470
Price @ Call: 382
Target: 384
Price @ Call: 382
Target: 555
Price @ Call: 444
Target: 550
Price @ Call: 441
Target: 520
Price @ Call: 441.65
Target: 570
Price @ Call: 440.4
Target: 410
Price @ Call: 347
Target: 390

UJJIVAN Share Price Target - Broker Reports - 2016

Price @ Call: 478
Target: 400
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  • UJJIVAN Share Price Target Today- Technical Pivot Points (Classic)

    Upside Target 3169.5
    Upside Target 2167.5
    Upside Target 1164.55
    Downside Target 1159.6
    Downside Target 2157.6
    Downside Target 3154.65
  • UJJIVAN Share Price Target weekly- Technical Pivot Points (Classic)

    Upside Target 3199.67
    Upside Target 2178.68
    Upside Target 1168.02
    Downside Target 1136.37
    Downside Target 2115.38
    Downside Target 3104.72
  • UJJIVAN Share Price Target monthly- Technical Pivot Points (Classic)

    Upside Target 3308.2
    Upside Target 2275.4
    Upside Target 1214.6
    Downside Target 1121
    Downside Target 288.2
    Downside Target 327.4
  • UJJIVAN Share Price Target today- Technical Pivot Points (Fibonacci)

    Upside Target 3167.5
    Upside Target 2165.61
    Upside Target 1164.44
    Downside Target 1160.66
    Downside Target 2159.49
    Downside Target 3157.6
  • UJJIVAN Share Price Target weekly- Technical Pivot Points (Fibonacci)

    Upside Target 3178.68
    Upside Target 2166.59
    Upside Target 1159.12
    Downside Target 1134.94
    Downside Target 2127.47
    Downside Target 3115.38
  • UJJIVAN Share Price Target monthly- Technical Pivot Points (Fibonacci)

    Upside Target 3275.4
    Upside Target 2239.64
    Upside Target 1217.56
    Downside Target 1146.04
    Downside Target 2123.96
    Downside Target 388.2
SOURCE: Data from D'Market via Quandl. Intraday data delayed 15 minutes.
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