Ujjivan Financial Services Limited- UJJIVAN, incorporated in 2004, is India's third-largest microfinance institution (MFI) in disbursements (source MFIN, Sep-15). It has 11.2% market share and is one of the 10 applicants to receive a licence from the RBI to convert into a small finance bank (SFB). The conversion is expected in Jan-17.Ujjivan should be quality retail banks/NBFCs (3.0x FY18E P/ABV) and listed microfinance players (SKS, not under our coverage trades at 6.4x FY16 P/B). HDFC Securities value Ujjivan at 3.0x FY18E P/ABV yielding a target price of Rs 510.Trendlyne has 4 reports on UJJIVAN updated in the last year from 4 brokers with an average target of Rs 510.