Financials Suryoday Small Finance Bank Limited Bombay S.E.

Equities

SURYODAY

INE428Q01011

Banks

Market Closed - Bombay S.E. Other stock markets 06:00:47 2024-04-30 am EDT			5-day change	1st Jan Change
211.4 ^INR	+2.10%		-0.26%	+35.09%

Apr. 12	Suryoday Small Finance Bank Limited Appoints Deepak Kumar Sharma as Additional Director (Independent Category)	CI
Mar. 24	21,364,060 Equity Shares of Suryoday Small Finance Bank Limited are subject to a Lock-Up Agreement Ending on 24-MAR-2024.	CI

Valuation

Fiscal Period: March	2022	2023	2024	2025	2026
Capitalization ¹	9,315	10,112	21,989	-	-
Enterprise Value (EV) ¹	9,315	10,112	21,989	21,989	21,989
P/E ratio	-10 x	13 x	10.6 x	7.96 x	6.95 x
Yield	-	-	-	-	-
Capitalization / Revenue	-	1.2 x	1.88 x	1.46 x	1.21 x
EV / Revenue	-	1.2 x	1.88 x	1.46 x	1.21 x
EV / EBITDA	-	-	-	-	-
EV / FCF	-	-	-	-	-
FCF Yield	-	-	-	-	-
Price to Book	0.63 x	0.64 x	1.21 x	1.05 x	0.91 x
Nbr of stocks (in thousands)	106,159	106,159	106,201	-	-
Reference price ²	87.75	95.25	207.0	207.0	207.0
Announcement Date	5/19/22	5/15/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2021	2022	2023	2024	2025	2026
Net sales ¹	-	-	8,440	11,672	15,038	18,241
EBITDA	-	-	-	-	-	-
EBIT ¹	-	2,649	3,375	4,430	5,941	6,928
Operating Margin	-	-	39.98%	37.95%	39.51%	37.98%
Earnings before Tax (EBT) ¹	-	-1,271	1,009	2,784	3,693	4,231
Net income ¹	118.6	-930.3	777	2,082	2,762	3,164
Net margin	-	-	9.21%	17.84%	18.37%	17.35%
EPS ²	-	-8.760	7.320	19.60	26.00	29.80
Free Cash Flow	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-
Announcement Date	5/27/21	5/19/22	5/15/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q2	2024 Q3	2024 Q4
Net sales	1,463	1,806	1,855	1,664	1,902	2,006	2,091	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	539.6	827.6	805.2	484.4	794.2	931	632.5	1,017	940	1,041	1,232
Operating Margin	36.88%	45.82%	43.41%	29.11%	41.75%	46.41%	30.25%	-	-	-	-
Earnings before Tax (EBT)	-568.3	-145.2	79.1	-636.3	101.1	169.6	235.7	-	-	-	-
Net income ¹	-477.2	-19.2	47.2	-481.2	77.5	130	180.5	389.1	555	541	609
Net margin	-32.62%	-1.06%	2.54%	-28.92%	4.07%	6.48%	8.63%	-	-	-	-
EPS	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	8/12/21	11/11/21	2/3/22	5/19/22	8/4/22	11/11/22	2/9/23	5/15/23	-	-	-

¹INR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-
ROE (net income / shareholders' equity)	-	-6%	5.03%	12.3%	14.2%	14.1%
ROA (Net income/ Total Assets)	-	-1.25%	0.86%	1.9%	2%	1.9%
Assets ¹	-	74,460	90,202	109,579	138,100	166,526
Book Value Per Share ²	-	140.0	149.0	171.0	197.0	227.0
Cash Flow per Share	-	-	-	-	-	-
Capex	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-
Announcement Date	5/27/21	5/19/22	5/15/23	-	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Ratings for Suryoday Small Finance Bank Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

211.1 INR

Average target price

252 INR

Spread / Average Target

+19.37%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

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