Capital First Q3FY15 Result Update Research Report By IndiaNivesh

CFL’s Q3FY15 result was way above our expectations. CFL’s management has delivered their promises which have yielded in positive results. We believe the current growth momentum to continue over FY14-17E on the back of strong execution capabilities. CFL has emerged as one of the fastest growing NBFCs backed by increasing focus on retail segment. At CMP of Rs 392/-, CFL is trading at P/ABV of 2.1x and 1.9x for FY16E and FY17E respectively. We upgraded our rating to ‘BUY’ from ‘HOLD’ on the stock with revised price target of Rs 460/- (2.2x P/ABV for FY17E) as we roll over valuations to FY17.

Download Capital First Q3FY15 First Cut Analysis