ICICI Securities has given Buy recommendation for PB Fintech with a target price of Rs. 940 in its research report issued on Apr 18, 2022

ICICI Securities research report on PB Fintech

PB Fintech (PBF) is among the leading insurance and lending intermediaries in India. It operates principally through its platforms PolicyBazaar/PaisaBazaar, and has also entered into newer businesses. PBF is well placed to benefit from the rising insurance penetration in India, especially through digital distribution. High growth, operating leverage, strong balance sheet and established brand recall among the Indian populace are its key business moats. This should help the company generate strong free cashflows as we expect its cost-to-income ratio to plateau ahead.


Initiate with BUY and a DCF-based target price of Rs940.

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