Technology

Outlook and valuation: We expect the company to post a healthy loan book
CAGR of 23% over FY2017-20E, which is likely to translate in earnings CAGR of
26%, over the same period. At the current level, the stock is valued at 1.7x
FY2020E ABV. We maintain BUY on the stock, and retain our target price of `720.

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