ICICI Direct has given Buy recommendation for Bajaj Finserv with a target price of Rs. 18900 in its research report issued on May 02, 2022

ICICI Direct’s research report on Bajaj Finserv

Bajaj Finserv (Finserv) is a financial conglomerate with a holding in the financing business (Bajaj Finance), life insurance (Bajaj Life Insurance) and general insurance (Bajaj General Insurance) business. • Consistent, faster business growth and profitability remains in focus.

Outlook

We maintain our BUY rating on the stock. Given a pick-up in finance business and anticipated healthy growth in insurance segment, we remain positive. Increasing discount to 20%, we value Finserv at ~36x FY24E EPS and lower our target price from Rs 20000 earlier to Rs 18900/share.

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