Valuation and Outlook: Valuation for the firm is done by SOTP on target of Rs. 3878 for BAF at 1 yearforward P/BV of 5.7x, Rs. 38 6 for BAGIC, and Rs. 175 for BALIC with consideration of holding company discount with 20% to reach Bajaj Finserv equity target price at Rs.8722 with upside potential of 37%. We rate the stock as BUY'.