View 24 reports from 11 analysts offering long term price targets
for SBI Life Insurance Company Ltd..
SBI Life Insurance Company Ltd. has an average target of 1529.20. The consensus estimate
represents an upside of 21.30%
from the last price of 1260.65.
- This broker has downgraded this stock from it's previous report. (eg. - Buy->Hold)
- Broker has maintained previous recommendation but reduced share price target.
- This broker has upgraded this stock from it's previous report.(eg. - Sell->Hold)
- Broker has maintained previous recommendation but increased share price target.
Nippon Life India Asset Management: Revenue was 3.8% below estimates as a result of pressure on revenue yields. Falling market share in the high-margin equity segment, at 6.2% (-17bps), was a double whammy in a falling equity yield environment. We expect NAM to focus on improving performance to recoup its lost market share. Additionally, we expect NAM to benefit from higher credibility to raise HNI/institutional capital. We lower our FY23E/24E earnings by 11%/ 5% to factor in lower margins and expect NAM to deliver FY22-24E revenue/NOPLAT CAGR of 9.3/12.1%. We maintain ADD on the stock with a reduced target price of INR365 (with a lower multiple at 27x Mar-24E EV/NOPLAT, following a derating in the AMC sector even as we roll forward our earnings). TTK Prestige: TTK Prestige's Q1FY23 revenue and EBITDA margin was a miss. Standalone revenue was up 68% YoY (HSIE 77%), clocking 11% three-year CAGR. The revenue growth was primarily led by strong performance in cookware, which was up 18% three-year CAGR. Gross margin contracted 257bps YoY to 42% (HSIE 41.5%). With carrying high cost inventory, we expect RM softening benefits will be majorly visible from Q3FY22. EBITDA margin came in at 13.8% (HSIE 15%). EBITDA was up 13% on three-year CAGR to INR 830mn (HSIE INR 951mn). Although home improvement and new housing theme is expected to sustain, we believe rising competition (renewed Butterfly under Crompton, etc.) will continue to keep earnings for TTK in check. As the earnings upcycle seems to be over, we cut our target multiple to 35x (37x...
Ambuja Cement: We maintain our ADD rating on Ambuja Cements (ACEM), with a revised TP of INR 380/share (SOTP based). ACEM reported profit beat in Q1CY22 on strong fixed cost controls and benefitting from its low-cost fuel inventory. Unitary EBITDA rebound ~33% QoQ to INR 1,055/MT. It continues to lower its clinker factor and is also steadily increasing its TSR and WHRS capacity. ACEM noted that its recently announced expansions in east are on track. Trent: Trent reported strong Q4 print. Standalone revenue grew 53% YoY to INR11.85.bn. FY19-22 revenue CAGR stood at 15%. Store addition (125 stores) has picked up meaningfully, ensuring a healthy SSSG runway in near-to-medium term. Profitability was (EBITDAM: 12.9%; down 480bps, in-line) impacted by (1) normalisation of rental bills and (2) lower realised product margins (courtesy lower full-price sales). FY24 EBITDA estimate remains largely unchanged. We retain our SELL recommendation with an SOTP TP of INR 800/sh (unchanged), implying 30x FY24 EV/EBITDA. Persistent Systems: Persistent Systems (PSYS IN) continued its industry-best growth momentum with >9% CQGR over the past four quarters, with ~8% organic CQGR (6.8% in Q4). PSYS' strong organic growth offset the impact of contract restructuring within the IP segment in Q4. Despite attrition being 10pp above historical levels and wage inflationary environment, PSYS' core metrics point to continued momentum large client mining (USD 5mn+ >40% higher over the past year), healthy operating metrics (FY22 OCF/EBITDA ~90% above 5Y average), strong deal bookings (USD 1.2bn TCV over the past year including USD 650mn net new TCV) and hiring momentum...
We remain positive on the stock and maintain a BUY rating with a Target Price of Rs 1,530/share (2.7x FY24EV), implying an upside potential of 37% from the CMP.
SBI Life has reported strong Q4FY22 performance with FY22 APE/VNB/operating RoEV of Rs143bn/Rs37bn/21% along with a stable VNB margin of 25.9%. We see levers available for both volume and margin improvement. We expect the business momentum to continue and result in healthy RoEV of 18.7/18% in FY23/24E.
SBI Life Insurance Company Limited, is a joint venture between SBI and BNP Paribas formed in 2001, which offers individual and group insurance plans, including traditional and unit linked plans. It's products cover life, health,...
The Company has strong distribution network of 194,177 trained insurance professionals consisting of agents, CIFs and SPs along with widespread operations with 947 offices across country. The Company has diversified distribution network comprising of strong bancassurance channel, agency channel and others comprising of corporate agents, brokers, micro agents,...
Mphasis: With continued momentum in the direct business (+9% QoQ CC) and healthy deal wins (eight consecutive quarter of TCV> USD 200mn), we reiterate Mphasis (MPHL) as our preferred pick in the mid-tier IT space. MPHL's growth is expected to be driven by (1) expansion in the direct business (organic +6.3% QoQ); (2) strong traction in BFSI vertical (increase in tech spend by global banks); (3) continued growth in the top-10 accounts (+9.5% QoQ); (4) increasing share/size of large deal wins (signed four large deal wins in Q3 with one at USD 92mn in healthcare); (5) Blink acquisition, which is aiding new deal wins (two synergy deal wins); and (6) better growth alignment with hyperscalers. The DXC decline was ~10% QoQ (in-line) and is only 5% of revenue. We expect the company's growth to converge with direct core growth (26% CAGR over FY21-24E), led by healthy deal wins (TCV CAGR of 43%). The ongoing supply side challenges will have some impact on margins; the target EBIT margin range is 15.5-17%. Our target price of INR 3,800 values MPHL at 32x Mar-24E EPS. Maintain BUY. Bandhan Bank: Bandhan Bank's Q3FY22 earnings were marginally ahead of our estimates, largely driven by higher-than-expected other income. The bank witnessed a sharp reduction in early delinquency buckets of its EEB portfolio (~1000bps reduction in 1-60dpd buckets) and restructured pool (INR17.3bn). However, the total stressed pool of its EEB portfolio (SMA-II+ GNPA+ restructured) remains sticky at 27% of loans (Q2FY22: 29%), indicating stubbornness of high-vintage stressed assets. Incremental disbursements were driven predominantly...
SBILIFE reported a strong 3QFY22, with APE growth of 31% YoY and stellar VNB growth of 54% (10% beat). VNB margin stood broadly stable QoQ at 25.6%. Shareholders' PAT grew 56% YoY to INR3.64b (20% beat). Among segments, ULIP saw an APE growth of 28% YoY. Non-PAR/Protection grew better than its peers at 67%/27% YoY. Persistency improved across cohorts, with 13th month persistency at 87.2% (up 103bp YoY). We raise our growth projections and expect SBILIFE to deliver 29% CAGR in APE over FY21-24E. VNB margin is estimated to touch 26.3% by FY24E, thus...
The company has achieved private market leadership in Individual Rated Premium of Rs 4990 crore with 23.6% private market share in H1FY22. The company has posted strong growth in Individual New Business Premium by 54% to Rs 6480 crore in H1FY22. New Business Premium...
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