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Lakshmi Vilas Bank Ltd Research Report - 28th Nov 2016

Banking | Published on Nov 28th 2016

IT

Lakshmi Vilas Bank (LVB) is a south based private sector bank with major business (50.2%) concentrated in the state of Tamil Nadu. As of FY16, LVB has a network of 460 branches and 910 ATMs, with business size of Rs45,250cr. LVB has beefed up teams with lateral hiring from banks & NBFCs and implemented innovative large scale technology for long term sustainability. We believe that scaling up of the liability franchise led by CASA, higher contribution from other incomes and prudence approach to alleviate bad loans will drive profitability and propel return ratio (FY18E - ROE – 12.7% & RoA - 0.72). This can drive further re-rating. At the current market price, the stock is trading at 1.25x its FY2018E BV of Rs116. We recommend a BUY rating on the stock, with a target price of Rs174 (1.50x FY2018E BV).

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CMP 148
Target Price 174
Investment Period12 Months

Stock Info

MCAP BSE (Rs in Cr)2,943.49
MCAP NSE (Rs in Cr)2,935.84
P/E (x)11.64
EPS (Rs.)13.21
BV (Rs.)98.47
Div Yield (%)1.83
FV (Rs.)10.00
P/BV (x)1.56
EV/Sales (x)10.79
EV/EBITDA (x)14.84

Shareholding Pattern (%)

Public & Others81.0
Promoter10.0
Foreign6.0
Institution3.0
Corporate0.0
Grand Total100.0

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