“While NIM will contract (rise in leverage and share of home loans), the decline in credit cost should help deliver a 7.4 per cent ROA in FY24E, enabling a 29 per cent net profit CAGR in FY22-24E. Aptus trades at 4.5x/30x 1-year forward PB/PE vs Aavas at 5.3x/42x," noted Citi.
