Think equity-think-qglp-2018

1. MOTILAL OSWAL Think Equity Think QGLP Contest 2018 Application Form For more details & clarifications, email thinkQGLP@motilaloswal.com

2. IndusInd Bank

3. 3 Brief company background IndusInd bank was incorporated in 1994 with Current customer base of ~11 million and Total Assets of over Rs 2,200 bn One of the Leading private sector bank and financial services company in India Pan India presence through a network of 1,400 branches and 2,203 ATMs Diversified loan book – Split between Corporate & Commercial Banking and Consumer Finance at 54% and 46% respectively Market Cap of over INR 1,140bn implying trailing P/E multiple of 30x and P/B multiple of 4.9x Recently announced acquisition of Bharat Financial Inclusion Limited (BFIL), a leading Microfinance Non Bank Finance company The bank offers commercial, transactional and electronic banking products and services

4. QGLP Analysis

5. 5 Longevity – of both Q & GPrice QGLP in a nutshell • IIB’s Focus on India’s 19% unbanked population for growth ensure longevity of growth • Competitive Advantage – Lowest Cost to Income ratio, well diversified Revenue streams • Huge Rural Opportunity – 3x Current Market • Effective Risk Management – ensures Quality • Focus on Sustainable Banking • Current P/E 30.93x and P/B 4.75x • FY21 P/E 15.02x and P/B 2.89x • Robust 25.95% return CAGR QGLP “QGLP – Quality, Growth, Longevity, reasonable Price” Quality of business x Quality of management • Massive value migration from state-owned banks to private banks Point 2 • Higher CASA Ratio than market and increasing at a rate of 6.3% • IBL’s GNPA (1.18%) and NNPA (0.51%) lowest amongst industry • Competent Management with growth mindset • Steady Growth in terms of ROTA and ROE Growth in earnings • Loan mix shifting towards higher yielding CFD • Merger with BFIL ->Huge increase in outreach with ~1,400 well- spread MFI outlets with 6.8 Mn borrowers • Expect FY18-21 EPS CAGR of 27.24% • IBL’s banking capabilities + BFIL’s large presence in Under Banked Areas • Vision Cycle (FY17-FY20): Loans Growth of 25-30% CAGR

6. 6 Q – Quality 0.606 0.555 0.458 0.421 0.397 0.361 0.329 0.278 0.318 0.417 0.435 0.497 0.524 0.569 0.116 0.127 0.125 0.144 0.106 0.115 0.102 0 0.2 0.4 0.6 0.8 2012 2013 2014 2015 2016 2017 2018 PAT market Share PBS PSBs Foreign Banks 0.56 0.51 0.5 0.49 0.36 0.29 0.26 0.44 0.49 0.5 0.51 0.64 0.71 0.74 0 0.2 0.4 0.6 0.8 1 1.2 2012 2013 2014 2015 2016 2017 2018 Market Share PBs vs PSBs Private Banks #REF! 1317000 1298000 1332000 1456000 1476000 1603000 1715000 2012 2013 2014 2015 2016 2017 2018 Growth in Deposits 5.46% 6.39% 7.41% 8.16% 7.11% 6.74% 7.36% 2.51% 2.62% 2.86% 2.86% 2.51% 3.15% 3.90% 2012 2013 2014 2015 2016 2017 2018 Indias GDP growth rate vs World GDP growthrate India GDP growth Rate World GDP groeth rate 11.20% 13.00% 10.70% 10.70% 13.00% 11.00% 15.70% 0.00% 5.00% 10.00% 15.00% 20.00% 2012 2013 2014 2015 2016 2017 2018 Money Spply Growth With the increase in money supply, people’s focus shifting to: • More Savings ( Deposit will increase) • Taking more loans from banks for personal investment Leading to More Consumer Facing Business Deposits in banks of India are growing at a CAGR of around 11.7%. But after 2012 people are more focusing on Private sector banks as: Public Sector banks are unable to match customer friendly interface Public Sector banks are unable to match customer friendly interface Changing technology like e-wallets, mobile banking etc. and customer education PSBs have accumulated an unsustainable level of NPAs, resulting in extremely low capitalization ratios (CET-1) PBs focused on strong branch expansion (without much dent on profitability) and diversification, having strong retail customer base Catalyst for value migration from public to private sector banks Overview of value migration Private sector banks (PBs) have gained 17-18% market share in loans and deposits from public sector banks (PSBs) in the past two decades Focus on profitable growth helped PBs to get significantly higher share in the profit pool. India’s GDP growth is higher than the world GDP growth Increase in level of Money Opportunity for investments and crediting Highly under-penetrated Banking sector

7. 7 Q – Quality 28.71% 29.11% 23.40% 26.40% 27.92% 2.983% 2.772% 2.898% 3.051% 3.003% ROTA & ROE trend ROE ROTA Steady growth in ROTA & ROE for IndusInd Bank for the last 5 years. • They have maintained a stable EBIT on Asset for 5 years when in industry, it has decreased • ROA & EM improved for the last 5 years resulting in stable ROE ( Du Point Analysis) Building CASA transaction (Higher CASA Ratio than market and increasing at a rate of 6.3%): • Expanding branch and ATM network at a rate of 6% & 4% respectively • Focus on specific target market segment • Differentiated service proposition like diversified vehicle finance 2014 2015 2016 2017 2018 0.33 0.34 0.35 0.37 0.44CASA Upstick 1 2 3 4 5 6 5.25% 4.97% 5.11% 5.36% 5.17% 4.70% 4.80% 4.90% 5.00% 5.10% 5.20% 5.30% 5.40% 2014 2015 2016 2017 2018 NIM1 0 10 20 30 40 50 60 70 2014 2015 2016 2017 2018 Gross Credit & Net Credit Cost Gross Credit Cost Basis Point on Advances Net Credit Cost on Advances The average NNPA & GNPA for IndusInd Bank is 0.39% & 0.62% for the last 5 years while Capital grew at a 21 % which is comparatively better than industry Ratios 0.71% 0.50% 0.54% 0.59% 0.77% 0.38% 0.31% 0.36% 0.39% 0.51%56.77% 77.58% 82.73% 58.39% 56.26% 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% 80.00% 90.00% 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70% 0.80% 0.90% 2014 2015 2016 2017 2018 PCR Ratio decreasing YOY GNPA NNPA -0.066% 0.191% 0.195% 0.364% -0.100% -0.050% 0.000% 0.050% 0.100% 0.150% 0.200% 0.250% 0.300% 0.350% 0.400% 2015 2016 2017 2018 Slippage Ratio 5 32 4 Stable NIM Ratio for last years 3 years around 5% Slippage Ratio is stable and comparably better than industry. PCR decreased over the last year so they are. NNPA & GNPA are the lowest amongst the industry CASA Ratio is increasing on yoy basis. The amount of Savings & Current increases due to high operation efficiency Gross Credit & Net Credit Cost decreased for the last year. Stable ROTA and ROE for the years as the business quality is good enough n the market Overview of the quality of IndusInd Bank

8. 8 Q – Quality 1. Improve Rural Banking & Microfinance 2. Focus on Productivity 3. Digitization of Business 4. Enriching Client Experience 5. Internal Collaboration & Cross Sales 6. Rebalancing of Loan Books Unquestionable Integrity Demonstrable Competence Name Designation Prior Experience Mr. Romesh Sobti MD & CEO Over 40 years banking career with ABN AMRO Bank N.V., ANZ Grindlays Bank Plc & State Bank of India Mr. Paul Abraham COO Managing Director of ABN AMRO Central Enterprise Services Mr. Suhail Chander Head – Corporate & Commercial Banking Head – Consumer & Commercial Banking, ABN AMRO Malaysia & Singapore Mr. Sumant Kathpalia Head – Consumer Banking Head – Consumer Banking, ABN AMRO Bank (India) Mr. S.V. Zaregaonkar CFO Chief Manager Dena Bank 46.97% 9.21% 6.11% 14.96% 0.10% Share Holding Pattern FII DII Public Promoter Others 3.50% 1.60% 1.50% 1.40% 1.40% Top Holders Bridge India Fund Uti-Equity Fund Govt. Of Singapore Afrin Dia Planning Cycle through FY20 Loan Growth Revenue Growth RoRWA Branch Network Customer Base CASA Ratio 25%-30% growth target Targeted >2.4% More than 2000 Targeted 40% for FY20 Strategic Thinking to achieve growth target 25% 43% 19% 2.37% 1320 On track Q4-FY 18 Outcome Exceed Balance Sheet Growth More than double > 20 mn Growth Mindset ICICI Prudential Life Insurance Company Major Government Policy reform initiatives were undertaken, which will have a significant and structural impact on the economic and business environment over the next 3-5 years The Quality of Underwriting & Disclosure is high Management team will remain integrated after the merging with BFIL MD Mr Romesh Sobti, took charge in February 2008 and has since been effecting structural and operational changes to improve productivity and efficiency Name Type Bhandari & Associates Secretarial Audit Price Waterhouse & Co Chartered Accountants LLP Statutory Different Auditors

9. 9 G – Growth 36.85% 44.01% 48.08% 52.18% 56.26% 60.25% 64.12% 67.80% 71.29% 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E Additional Services (Ease of Use) Mobile Banking, Micro ATMs, Debit Card, Value added services like Rural Insurance Improve Basic Banking Services Microfinance, Microinsurance, Savings Bank Accounts., Recurring Deposits Home Improvement Loans, 2 Wheeler, Personal, Secured Asset Creation Tech. Products E-Commerce Payments, Retail Distribution, Cost Optimization Longer Tenure Loan & Larger Ticket Size IndusInd Bank’s Banking Capabilities BFIL’s Large Presence in Under Banked Areas Across Country Strong Liability Franchise Savings Bank Accounts Increase Current Accounts Increase Fixed Deposits Increase Recurring Deposits Increase Stronger CASA Base resulting in lower cost of funding IBL & BFIL together bridging the Financial Inclusion gap 0.00 1000000.00 2000000.00 3000000.00 4000000.00 5000000.00 6000000.00 7000000.00 2017 2018 2019E 2020E 2021E 2022E 2023E 2024E 2025E Deposits overview Total Deposists Demand Deposits Savings Deposit Term Deposits / Fixed Deposits Linear (Total Deposists) Demand Deposits will be increasing around 21 % CAGR for the next 7 years. Branch Network increase at a CAGR of 6.5% Include Digitization in operation Merger will give the access to 3600 rural branches For the last 10 years customer has shifted to private banks Diversified Retail Products  PAT growth rate for Private Sector Banks has increased around 18% CAGR for last 10years.  Due to the inorganic growth with M&A we are expecting a PAT growth of 33.19% CAGR. 0 100000 200000 300000 400000 500000 600000 700000 800000 Total Income vs PAT Total Income PAT Income Growth

10. 10 G – Growth 60.00% 60.00% 58.45% 56.95% 55.48% 54.05% 52.66% 40.00% 40.00% 41.55% 43.05% 44.52% 45.95% 47.34% 2017 2018 2019E 2020E 2021E 2022E 2023E Loan Mix Shifting towards CFD Total Advances for Consumer Finance for Indusind Bank Total Advances for Corporate banking for Indusind Bank 1130805.076 1449536.576 1696128.621 2015310.84 2394557.661 2845172.206 3380584.655 4078765.415 0 1000000 2000000 3000000 4000000 5000000 2017 2018 2019E 2020E 2021E 2022E 2023E 2024E Loan Projection For IndusInd Bank Distribution fee: High growth due to traction in third-party products and also due to good traction seen from distributing home loans for HDFC. Two-Wheelers Portfolio: ~80% of the transaction is going on credit card. IndusInd Bank is expanding in this two wheelers market with credit card loans 0.0429 0.0429 0.0430 0.0431 0.0433 0.0434 0.0435 0.0436 0.0433 0.0420 0.0430 0.0440 2017 2018 2019E 2020E 2021E 2022E 2023E 2024E 2025E Credit Cost 1.1 1.2 1.3 2017 2018 2019 2020 2021 2022 2023 2024 Loan to deposit With its operating efficiency, retail spreading and merging with BFIL it will get the more liquidity for unforeseen fund requirements , so the Loan to Deposit Ratio will decrease. The ratios are not too high or too low either Merger with Bharat Financial Inclusion • Huge increase in outreach with ~1,400 well-spread MFI outlets with 6.8 Mn borrowers • Large untapped deposit potential from rural and underserved customers • Stronger CASA Base resulting in lower cost of funding • Cost of funds reduce by 3% • IBL’s banking capabilities + BFIL’s large presence in Under Banked Areas = Bridge Financial Inclusion Gap • 100% Eligible as PSL Fee income of 1%-1.5% on excess The loan book will be more diversified • Interest Income will increase IndsiInd Bank is expected to become more consumer focus (Retail) because of their improvement of rural operation with BFIL. Credit Cost is increasing on yoy basis It implies IndusIndbank is becoming profitable on yoy Average yield increasing is the main cause 26.8 33.88 38.43 47.95 60.08 80.90 97.25 118.26 0 20 40 60 80 100 120 140 2014 2015 2016 2017 2018 2019E 2020E 2021E EPS (INR) FY14-18 CAGR :22.36% FY18-21 CAGR: 25.32% The IndusInd Bank EPS are increasing at a rate of 22.36% of CAGR, for the operation efficiency it gained from IT infrastructure. It is expected to increase at the rate of of 25%. As it is the break down a firm’s profit, it signifies IndusInd Bank will be more profitable in future

11. 11 • The bank recapitalization plan by Government of India is expected to push credit growth in the country to 15 per cent • The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017 Bill has been passed by Rajya Sabha and is expected to strengthen the banking sector • The digital payments system in India has evolved the most among 25 countries which will give the banks a competitive edge L-Longevity Long Term Relevance Enhanced Spending on Infrastructure Speedy implementations of projects Continuation of Reforms Robust growth in Banking sector to meet credit needs of rapidly growing businesses IndusInd Bank ICICI Bank HDFC Bank Axis Bank Kotak Mahindra Bandhan Bank RBL Bank Cost to Income(%) 39.22 63.55 39.86 52 52.04 43.43 39.96  Lowest Cost to Income Ratio among peers – High efficiency and profitability  Rising CASA Ratio and Fee Income will lead to Industry leading earnings growth Well diversified Revenue streams with high quality Non- Funded Revenues at 38% 62% 5% 2% 6% 8% 6% 7% 4% Net Revenue Stream (FY18) Net Interest Income Trading & Other Income Genral Banking Fees Investment Banking Fees Distribution Fees Foreign Exchange Fees Loan Processing Fees Well diversified Funding Sources enduring liquidity 9% 21% 14% 5%7% 11% 1% 6% 1%1% 9% 4% 11% Diversified Funding Sources CA Deposits SA Deposits Retail & SME TD Public sector Units TD Financial Institutions TD Corporate TD Capital Markets TD ILB’s Focus on India’s 19% unbanked population for growth ensure longevity of growth Multi- decadal opportunity for Private banks in India due to the unmet financing needs Competitive Advantage

12. 12 5.3 15 C URRE NT P OT E NT IA L RURAL CREDIT MARKET (RS.TRILLION) L-Longevity • Rural India Households: 168 mn • Considering an Accessibility of 80% and a Credit rejection of 20% • Balance Households : 100 mn • Average Household Borrowing : Rs 1,50,000 • Potential Market: 15 Trillion • Cashless Collections & Disbursals • Online Credit Underwriting • Facilitate e-commerce IndusInd well positioned to grab the opportunity -> Sustained Growth Sustainable Banking Rural Opportunity – 3x Current Market Regulatory Compliance Environment al Social Governance • Operational Compliance • AT-1 Capital Issuance • Liquidity management • Solar ATMs • Thin Servers • ESMS Policy • Financing Renewable Energy • LEEDs certified building • Board Level CSR Committee • Participation in CDP, DJSI Surveys • Environmental Lending Policy • Integrated Financial Reporting • Micro Credit • Rural Branches • Priority Sector Compliance • Critical Care Support • Over 1,700 IBL + BFIL Rural Branches • Access to 1,00,000+ Villages • Doorstep Delivery N e t w o r k T e c h n o l o g y P r o d u c t s • Assets: Microfinance, Home Improvement, 2-Wheeler, Consumer Durable Finance • Liabilities: Saving A/C, Recurring Deposits • Services: DBT, Remittances 8.79% 8.91% 9.06% 9.26% 9.14% 8.50% 8.60% 8.70% 8.80% 8.90% 9.00% 9.10% 9.20% 9.30% 2014 2015 2016 2017 2018 Basel 3 Leverage Ratio Perfectly Maintained

13. 13 P – Price FY18(IIB) FY21(Merged Entity) CAGR PAT 36059.86 85193.64 33.19% EPS(INR) 60.08 123.76 27.24% Exit P/E (x) 30.93 30 Mkt Cap (Millions) 1115394.75 2555809.13 31.84% Stock Price (INR) 1858.3 3712.72 25.95% Yes Bank Kotak Mahindra Bandhan Bank RBL Bank IDFC Bank Average Expected Price(Relative) P/E 18.99 38.19 51.96 38.8 26.95 34.98 Rs. 2101.48 PEG Ratio 2015 2016 2017 2018 P/E 26.15 25.16 29.72 29.91 Earnings Growth 0.27 0.27 0.25 0.26 PEG 0.95 0.92 1.17 1.16 • Current P/E 30.93x and P/B 4.75x • FY21 P/E 15.02x and P/B 2.89x • 3 year Target price of INR 3712.72 at exit P/E of 30x • Robust 25.95% return CAGR • Current Target Price of INR 2578 Excess Return Valuation Before Acquisition: Cost of Equity: 10.23% Intrinsic Share Price. : 2554 Rs On comparing with current market price of 1858.3, We find the Stock to be undervalued by 24% After Acquisition with Synergies: Cost of Equity: 10.35% Intrinsic Share Price : 2578 Rs

14. 14 P – Price Total Loan given by Banks Private Sector Bank's(PVB) Share IndusInd Bank share of PVB Sector wise lending Interest Income • Private bank Share is 26.86% • Growing at 2.51% and expected to reach 34% Interest Income is obtained by multiplying average sector interest rate with loan lent to particular sector • IndusInd share is 5.32% in 2017 • Interest Income is expected grow at 20-25% • Expected Loan growth is 12.1% by RBI • Our regression model value is around 14% Valuation Method: IndusInd Bank Capital Expenditure and Net working capital change are very less we have used Excess Return Valuation which is used to valuate Financial Institution Revenue and Expense Projection using Top down Approach Excess Return = PAT – Equity Cost Cost of Equity IndusINd bank = 10.23% BFIL = 11.08% Terminal Growth rate is assumed to be 5% Excess return is discounted at cost of equity to obtain Present value Employee salary using regression model Provision are projected using past Provisions to loanable fund ratio Tax Rate is 34.02% Interest Expense Calculation • Deposits are breakdown into Current, Saving and Term • Projected using segment growth rate • Past Deposit Maturity pattern is multiplied with interest rate to calculate the interest expensed Operating expense are projected wrt to interest income earned using historical average Valuation Method: BFIL NBFC Loan Growth BFILs Long term loan as % of Total NBFC LOAN BFIL has share of 21.71% Calculate Interest Income using sectoral breakdown Short term Advances projected using regression with Long term advances Interest charged is 19.75% which is lowest in country Regression Model Factors GDP, Rural growth, MSME growth and vehicle population growth • Interest Income is expected to rise bu 3% over the next 5 years due to access to 3600 branches • Cost of Borrowing for BFIL will be reduced by 1-1.5% taking the total cost of borrowing to 7.5 % • Operational synergies

15. 15 Financial Summary 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 PAT 4854 6841 8519 10304 12591 15393 15231 18489 22083 27768 EBITDA 7611 11528 14362 17388 21192 25840 26068 31576 37708 47148 Total Revenue 27669 36389 43959 52878 63306 76009 83190 99068 117575 142959 0 50000 100000 150000 200000 250000 Financial Projections Change by 25 basis point Change in Stock Price Total Loan growth rate in India 360 Rs Growth in Private sector bank 189 Rs Cost of Equity 99 Rs Terminal Growth Rate 60 Rs CAGR Growth Rate Total Revenu 18.2% EBITDA 20.2% PAT 19.1%

16. 16 Risks & Concerns Risk Type Sorces Policies Risk Management Approach Credit Risk Arises from both transaction and portfolio level • Transaction Risk (or Default Risk), which represents the risk arising from individual credit exposures and • Portfolio Risk, which represents the risk inherent in the portfolio of credit assets • Credit Risk Policy • Bank Risk Policy • Risk-based Pricing • Policy on Internal Capital Adequacy Assessment Process • Fraud Risk Management Policy • The Bank maintained credit growth & portfolio quality even in a challenging environment • Retail products governed by risk mitigation measures for customer selection & underwriting Market Risk • Price risk for bonds, forex, equities and bullion • Interest rate risk for investments, derivatives, etc • Exchange rate risk for currencies • Trading / liquidity risk. Funds and Investment Policy • Foreign Exchange Policy • Derivatives Policy • Equity Policy Market Risk Management Policy • Exposures Management & Limit Structures • Valuation Policy • The Bank adopted the standardized approach to compute appropriate capital charge towards market risk • Contingency Funding Plan covers all available funds sources to supplement cash ow gaps • Contingency plans are in place to meet impact of stressed liquidity scenarios • Contingency Funding Plan covers Operation al Risk • Failure of systems • Employee Disaster • Technology glitches • External factors, etc., including legal and regulatory risks • Operational Risk Management Policy • Business Community Management Policy • New Product Programmes Policy • Reporting Tool has been designed for reporting and responding • Implemented a comprehensive Bank-wide Business Continuity Planes ponding to operational risk System Risk • Malfunctioning at the system because of external entities The Information Security Policy deals with security of information in any form or medium across the Bank. The policy directs managerial decision- making and facilitates secure business operations • Cyber Security Policy • Movement of customer identity data between systems or between systems & physical endpoints is monitored and controls like encryptions have been put in place Effective Risk Management Risk Type 2014 2015 2016 2017 2018 Capital requirements for Credit Risk 52751 69046 89,424 109,832 1,30,094 Portfolio Subject to Standardised approach 52751 69046 89,424 109,832 1,30,094 Securitisation exposures 0 0 0 0 0 Capital requirements for Market Risk 2265 3920 4926 6002 8,790 Standardised Duration Approach Interest Rate Risk 1885 3326 4130 4851 7078 Foreign Exchange Risk (including gold) 180 270 304 304 304 Equity Risk 200 324 482 847 1408 Capital requirements for Operational Risk 5518 7070 10319 13342 16956 Basic Indicator Approach 5518 7070 10319 13342 16,956 Minimum Capital requirements at 9% 60534 80036 104669 129176 155,840 Minimum CRAR + CCB at 10.875% 62488 81477 111938 147117 1,88,307 Total Capital Funds 93049 107508 180193 219674 260,215 IndusInd Bank has maintained all the Capital requirement for risk properly for the last 5 years. They implied integrated risk management. The Bank has established an Enterprise-wide Risk Management Department, independent of the Business segments, responsible for Bank-wide risk management covering Credit risk, Market risk (including ALM) and Operational risk. The Risk Management Department focuses on identification, measurement, monitoring and controlling of risks across various segments. 30.3% 17.5% 12.2% 13.9% 2.0% 1.8% 2.5% 3.7% 1.9% 3.8% 1.9% 5.6% 2.9%Large Corporates Medium Corporates Small Corporates Comm. Vehicle Loans Utility Vehicle Loans Small CV Two Wheeler Loans Car Loans Tractor Equipment Financing Credit Card Loan Against Property BL, PL, GL & Others IndusInd Bank are focusing more on the increasing their retail loan channel through merging and distribution with the BFIL in rural regions. In FY2018 their 40% loan are in consumer Finance area with focus to increase it might increase credit risk. The credit growth for banks has increased around 12.8% for the last 5 years

17. 17 Conclusions & Investment View  Recommendation on Sep 5 2018: Buy at Rs 1858.3  Target price for September 2021: Rs.3712.72  CMP as on 5th Sept 2018: Rs. 1858.3 Positives Negatives Overall score Quality • Competent Management • High CASA ratio and low NPA • Value Migration from Public to Private Sector Banks • Increasing Cost of Deposits 9.5/10 Growth Prospects • Access to Rural Banking after BFIL acquisition • Diversification of Products • 19% unbanked population • Competitive NBFC Market 9/10 Longevity • Huge rural opportunity 3x time • Huge Unmet financial need by Industrial sector • Other private banks are trying to access rural market 8/10 Price • At 29x PE stock stock is over valued but price is justified huge scope, High payback ratio (3.7x) Stock has already 7.5/10 Total score 8.5/10

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