Valuation and Recommendation: With a long run-way for growth and visible ROE stabilization at ~18% + levels in the medium term on the back of - strong AUM CAGR of 30% over FY21-25E and lower credit costs, we believe AU's valuations will gravitate towards that of leading banks and NBFCs demonstrating similar ROE, growth and asset quality profile. We value AU at PE/G of 1x at 30x Sep 2022 EPS of ~Rs. 37 at Rs. 1,100. At our target price of Rs. 1,100, AU would trade at an implied P/BV of 5.0x Sep 2022.