ICICI Direct has given Hold recommendation for Muthoot Finance with a target price of Rs. 1300 in its research report issued on Aug 15, 2022

ICICI Direct’s research report on Muthoot Finance

Muthoot Finance is a leading gold financier in India with standalone AUM of Rs 56689 crore as on June 2022. It has a large footprint across India with 4617 gold lending branches • The company also has a presence in other lending segments like microfinance, housing, vehicle finance via its subsidiaries.


We downgrade the stock from BUY to HOLD rating. We value the core business (gold loan) at ~2.1x FY24E ABV and assign Rs 31 to subsidiaries, maintaining our target price at Rs 1300 per share.

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