Fan Site: Inspired, Not Endorsed, By Rakesh Jhunjhunwala

CLSA on ICICI Lombard
Upgrade to buy, TP Rs 1470
See multiple triggers that could reverse underperformance
Healthy growth, high-teen ROE & high combined ratio marks phase 3
Market share loss reversed; expect 15% Cagr in premiums in 23-25CL
Val reasonable, at 30x

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