Hold DCB Bank; target of Rs 200: Arihant Capital
Arihant Capital recommended hold rating on DCB Bank with a target price of Rs 200 in its research report dated October 18, 2017.
Arihant Capital's research report on DCB Bank
DCB Bank Ltd. reported strong growth this quarter. Operating Profit came in at Rs. 124 Cr. for Q2 FY18 as against Rs. 101 Cr. in Q1 FY17 registering robust growth of 23%. Net profit increased to Rs 59 Cr up by 21% YoY and de-grew by 10% sequentially.
Outlook
We have pegged a multiple of 2.2(x) to FY 19E ABV & arrived at a fair value of Rs.200 per share. At CMP of Rs 184 the stock is available at its FY 19E P/ABV of 2.0(x). We have “HOLD” rating on the stock.
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