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UJJIVAN Consensus Forecast

No. of reports in last year
5
No. of analysts
2
Average Consensus Forecast
350.6
Consensus Potential
24.31%

UJJIVAN Price Target Potential

BrokerageTargetPotential
Nirmal Bang192-24.45%
Geojit Financial Services27613.42%

UJJIVAN Targets in FrontPage Forums

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UJJIVAN Ratings

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

5 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 - 2020

20-May-20
Price @ Call: 156.55
Target: 192
BUY
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.
... Read more
4-Feb-20
Price @ Call: 374.7
Target: 435
BUY

UJJIVAN Share Price Target - Broker Reports - 2019

22-Oct-19
Price @ Call: 311.42
Target: 435
BUY
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).
... Read more
3-Sep-19
Price @ Call: 295.6
Target: 276
REDUCE
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.
... Read more
5-Aug-19
Price @ Call: 285.35
Target: 415
BUY
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).
... Read more
31-May-19
Price @ Call: 354.08
Target: 406
BUY
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.
... Read more
28-Jan-19
Price @ Call: 280.35
Target: 334
ACCUMULATE
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.
... Read more

UJJIVAN Share Price Target - Broker Reports - 2018

15-Nov-18
Price @ Call: 231.99
Target: 357
BUY
13-Oct-18
Price @ Call: 254.01
Target: 495
BUY
14-May-18
Price @ Call: 407.4
Target: 470
BUY
16-Apr-18
Price @ Call: 393
Target: 467
BUY
1-Mar-18
Price @ Call: 375.15
Target: 480
BUY
12-Feb-18
Price @ Call: 365.05
Target: 430
BUY
17-Jan-18
Price @ Call: 397.1
Target: 457
BUY

UJJIVAN Share Price Target - Broker Reports - 2017

9-Nov-17
Price @ Call: 368.4
Target: 400
BUY
7-Nov-17
Price @ Call: 373.55
Target: 426
BUY
10-Aug-17
Price @ Call: 316.65
Target: 375
BUY
9-Aug-17
Price @ Call: 326.9
Target: 391
BUY
13-Jun-17
Price @ Call: 299.25
Target: 370
BUY
11-May-17
Price @ Call: 346
Target: 415
BUY
4-May-17
Price @ Call: 357.76
Target: 470
BUY
28-Apr-17
Price @ Call: 382
Target: 384
NEUTRAL
28-Apr-17
Price @ Call: 382
Target: 555
BUY
16-Mar-17
Price @ Call: 444
Target: 550
BUY
16-Mar-17
Price @ Call: 441
Target: 520
BUY
20-Mar-17
Price @ Call: 441.65
Target: 570
BUY
21-Feb-17
Price @ Call: 440.4
Target: 410
SELL
21-Jan-17
Price @ Call: 347
Target: 390
HOLD

UJJIVAN Share Price Target - Broker Reports - 2016

5-Oct-16
Price @ Call: 478
Target: 400
SELL
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  • UJJIVAN Share Price Target Today- Technical Pivot Points (Classic)

    keyboard_arrow_down
    Upside Target 3260.3
    Upside Target 2255.15
    Upside Target 1247.85
    Pivot242.7
    Downside Target 1235.4
    Downside Target 2230.25
    Downside Target 3222.95
  • UJJIVAN Share Price Target weekly- Technical Pivot Points (Classic)

    keyboard_arrow_down
    Upside Target 3286.9
    Upside Target 2268.45
    Upside Target 1254.5
    Pivot236.05
    Downside Target 1222.1
    Downside Target 2203.65
    Downside Target 3189.7
  • UJJIVAN Share Price Target monthly- Technical Pivot Points (Classic)

    keyboard_arrow_down
    Upside Target 3318.75
    Upside Target 2280.6
    Upside Target 1250.45
    Pivot212.3
    Downside Target 1182.15
    Downside Target 2144
    Downside Target 3113.85
  • UJJIVAN Share Price Target today- Technical Pivot Points (Fibonacci)

    keyboard_arrow_down
    Upside Target 3255.15
    Upside Target 2250.39
    Upside Target 1247.46
    Pivot242.7
    Downside Target 1237.94
    Downside Target 2235.01
    Downside Target 3230.25
  • UJJIVAN Share Price Target weekly- Technical Pivot Points (Fibonacci)

    keyboard_arrow_down
    Upside Target 3268.45
    Upside Target 2256.07
    Upside Target 1248.43
    Pivot236.05
    Downside Target 1223.67
    Downside Target 2216.03
    Downside Target 3203.65
  • UJJIVAN Share Price Target monthly- Technical Pivot Points (Fibonacci)

    keyboard_arrow_down
    Upside Target 3280.6
    Upside Target 2254.51
    Upside Target 1238.39
    Pivot212.3
    Downside Target 1186.21
    Downside Target 2170.09
    Downside Target 3144
SOURCE: Data from D'Market via Quandl. Intraday data delayed 15 minutes.
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