March 13, 2013 - March 15, 2013

Repco Home Finance IPO Review & Recommendations

Dilip Davda, and have given "Apply" recommendation to Repco Home Finance IPO.

Repco Home Finance IPO Review Summary from brokers and analysts

Review By	Apply	May Apply	Neutral	Avoid	Not Rated
Count	3	0	0	0	0
%	100.00	0.00	0.00	0.00	0.00

Repco Home Finance IPO Analysis By Brokers/Analysts

Reviewer	Recommendation	Past Reviews
Dilip Davda	Apply
	Apply
	Apply

Repco Home Finance IPO Review by Dilip Davda (Apply)

[Dilip Davda]

On performance front, the company has posted an average EPS of Rs. 13.01 for last three fiscals and for first six months ended 30.09.12 Rs. 7.67 (Not annualized). Thus the asking price is at a P/E of 12 plus on the existing equity of Rs. 46.44 crore which will stand enhanced to Rs. 62.16 crore post this issue. Attribution of these earnings on expanded equity translates asking price at around 15.5 P/E. Its NAV as on 30.09.12 is Rs. 72.97, thus offer is at a P/BV of 2.26 and compares well with leading peers like LIC HF, HDFC, Gruh Finance etc.

On BRLM's mandate performance front the data represents the total issues managed / number of issues failed to give listing gain respectively - SBI Cap (20/9), IDFC (11/4) and JM Financial (24/8). However, considering the fancy for housing finance companies, moderate investment is recommended.

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