Repco Home Finance – A niche player in a crowded market: IIFL

Tagged: IIFL, Repco Home Finance

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June 25, 2014 at 7:31 am #566

Vidhi Khanna
Keymaster

We initiate coverage on Repco Home Finance (RHF) with a BUY recommendation and a target price of Rs390/share (2.5x FY16ii BV). RHF enjoys the benefit of small scale and operation in a niche segment. It is poised to build on its current platform by driving strong loan growth, to sustain superior profitability and gain scale. Increasing leverage should drive 25% earnings Cagr without dilution for the next 3-4 years. We believe this will help RHF sustain its premium valuations.

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