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Yes Bank Limited
Investment Profile: Aggressive Horizon: 1-1.5 Yrs
Business Summary Yes Bank Limited (YBL) is a new generation private bank that is based on the „One bank‟ model that seeks to provide a slew of value added services (rather than plain vanilla transactions) over the lifecycle of its clients. Its business model is based on three key pillars namely: - Product, Knowledge and Relationship. Currently it mainly services institutional clients but is looking to become a more granular bank by 2015.
Investment Rationale
YBL has an exceptional breed of human capital, which enables its unique knowledge based lending approach to flourish. It also has useful and well-diversified fee based services. YBL has a very impressive set of historical financials both from an income statement perspective as well as balance sheet perspective. Return ratios have been consistently good for over 3 years. Also the asset quality is the best in the listed Indian banking landscape with Net NPAs of 0.01%. This is mainly due to prudent credit disbursements, regular follow-ups and a meticulous risk management approach. We have employed a weighted average valuation approach of determining our share price of Rs. 337. We have assigned 40% weights to our DCF and P/BV targets with a 20% weight for the PE target. Our buying level of < Rs.244 is computed using a 40% margin of safety on the DCF fair value
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India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Yes Bank Limited
Investment Profile: Aggressive Horizon: 1-1.5 Yrs
Business Summary Yes Bank Limited (YBL) is a new generation private bank that is based on the „One bank‟ model that seeks to provide a slew of value added services (rather than plain vanilla transactions) over the lifecycle of its clients. Its business model is based on three key pillars namely: - Product, Knowledge and Relationship. Currently it mainly services institutional clients but is looking to become a more granular bank by 2015.
Investment Rationale
YBL has an exceptional breed of human capital, which enables its unique knowledge based lending approach to flourish. It also has useful and well-diversified fee based services. YBL has a very impressive set of historical financials both from an income statement perspective as well as balance sheet perspective. Return ratios have been consistently good for over 3 years. Also the asset quality is the best in the listed Indian banking landscape with Net NPAs of 0.01%. This is mainly due to prudent credit disbursements, regular follow-ups and a meticulous risk management approach. We have employed a weighted average valuation approach of determining our share price of Rs. 337. We have assigned 40% weights to our DCF and P/BV targets with a 20% weight for the PE target. Our buying level of < Rs.244 is computed using a 40% margin of safety on the DCF fair value
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