ICICI Direct's research report on Bajaj Finserv
Bajaj Finserv, a financial conglomerate under the flagship brand of Bajaj and leadership of Sanjeev Bajaj, witnessed a sharp surge in earnings in all three key business segments. In general insurance, it is the most profitable and efficient player among competitors.
Outlook
Therefore, we maintain our target price at Rs 4900/share, based on SOTP valuation, implying a multiple of 19.5x on FY19E consolidated earnings. The stock is available at P/E valuation of 17.2x FY19E earnings. Consequently, we maintain BUY. Dividend from the insurance business can be an upside risk.
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