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SBI Cards IPO: Sound fundamentals but macros remain a challenge, say brokerages

Updated : January 09, 2020 02:27 PM IST

The valuation benchmarking for SBI Cards becomes difficult due to a lack of strict comparable players, said Ambit in a report.
Ambit further noted that whilst asset quality has held up till now, a slowing economy and job growth can lead to an increase in NPAs, in line with global experience.
"For SBI, the IPO would imply a value of Rs 37 per share (post discount), which is higher than Street estimates, adding Rs 15 to the target price for SBI (Rs 350)," Emkay said.
SBI Cards IPO: Sound fundamentals but macros remain a challenge, say brokerages

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