India Equity Value investor, Trivikram Consultants

Prashant Vaishampayan

India Equity Value investor

Picking Long Term Multi-bagger stocks

Trivikram Consultants

Trivikram Consultants is an equity research service founded by Prashant Vaishampayan, a registered Research Analyst with SEBI in India. Prashant has done equity research since 1992.  He worked with Jardine Fleming, SG Securities, UBS and Kotak Securities. Since 2010, he is managing his portfolio and doing outsourced equity research for institutional clients. A team of six professionals helps him in equity research. We focus on pharma, agro-chemicals, auto and auto components, banks and financial services, specialty chemicals and niche manufacturing sectors.   

Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/17447" target="_blank" data-smartkarma-citation="entities:17447:1">Can Fin Homes (CANF IN)</a> (CFHL) reported 1QFY19 results. Net Interest Income (NII) grew by 6% YoY to 1,307 Mn, Net Interest Margins (NIMs) contracted 39 bps YoY to 3.26%, loan book and disbursement grew 17% and 1% YoY respectively and reported PAT grew 7% YoY at Rs 773 Mn.</li>
<li>We expect loan book to grow at CAGR 18% (FY18-21E), NII to grow at CAGR 15% (FY18-21E) and PAT to grow at CAGR 15% (FY18-21E).</li>
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<li>We have changed our price to book multiple from 4x to 3x based on FY20E ROE of 21.4% (23.7% according to our previous estimates). We have assigned a target PB multiple of 3x to adjusted book value for June 20E of Rs. 151 per share to arrive at a fair value of Rs.450</li>
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Can Fin Homes (CANF IN) (CFHL) reported 1QFY19 results. Net Interest Income (NII) grew by 6% YoY to 1,307 Mn, Net Interest Margins (NIMs) contracted 39 bps YoY to 3.26%, loan book and disbursement grew 17% and 1% YoY respectively and reported PAT grew 7% YoY at Rs 773 Mn.
We expect loan book to grow at CAGR 18% (FY18-21E), NII to grow at CAGR 15% (FY18-21E) and PAT to grow at CAGR 15% (FY18-21E).


We have changed our price to book multiple from 4x to 3x based on FY20E ROE of 21.4% (23.7% according to our previous estimates). We have assigned a target PB multiple of 3x to adjusted book value for June 20E of Rs. 151 per share to arrive at a fair value of Rs.450


Can Fin Homes- 1Q FY19 - Obstacles in the Growth Path