IDFC FIRST BANK (IDFCFIRSTB-IN)

Banking & Investment Svcs. / Banking Services / Banks DETAILED STOCK REPORT
Report Date: 2023-Feb-02

Last Close Avg Daily Vol 52-Week High Trailing PE Annual Div ROE LTG Forecast 1-Mo Return
56.50 (INR) 26.7M 64.30 17.6 -- 8.0% -- -7.6%
2023 February 01 Market Cap 52-Week Low Forward PE Dividend Yield Annual Rev Inst Own 3-Mo Return
NSE Exchange
347.5B 28.95 14.0 -- 247.6B 23.8% 1.4%

AVERAGE SCORE
POSITIVE OUTLOOK: IDFCFIRSTB's current Score Averages
score of 8 places it among the top quartile of Banking Services Group: 5.4 Large Market Cap: 6.4
stocks scored. Banking & Investment Svcs. Sector: 5.3 BSE Sensex Index: 7.5

Average Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive FEDERALBNK 10 10 10 10 10
BANKINDIA 10 10 10 10 9
Neutral IDFCFIRSTB 4 6 7 9 8
AUBANK 5 5 7 5 6
Negative
YESBANK 3 1 3 4 1
2020-01 2021-01 2022-01 2023-01

HIGHLIGHTS I/B/E/S MEAN

- The score for IDFC First Bank dropped slightly this week from 9
to 8. Hold Mean recommendation from all analysts covering
12 Analysts the company on a standardized 5-point scale.
- The recent change in the Average Score was primarily due to a
decline in the Price Momentum and Earnings component
scores. Strong Strong
Sell Hold Buy
Sell Buy

PRICE AND VOLUME CHARTS

1-Year Return: 19.1% 5-Year Return: 0.71%

BUSINESS SUMMARY
IDFC FIRST Bank Limited is an India-based banking company. The Company's segments include Treasury, Corporate/Wholesale Banking and Retail
Banking. The Treasury segment primarily consists of Bank's investment portfolio, money market borrowing and lending, investment operations and the
entire foreign exchange and derivative portfolio of the Bank. The Corporate/Wholesale Banking segment provides loans, non-fund facilities and
transaction services to corporate relationship not included under Retail Banking and syndication. The Retail Banking segment constitutes lending to
individuals/business banking customers through the branch network and other delivery channels subject to the orientation, nature of product, granularity
of the exposure and the quantum thereof. The Company operates approximately 596 branches and over 677 automated teller machines (ATMs).

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IDFC FIRST BANK (IDFCFIRSTB-IN)
Banking & Investment Svcs. / Banking Services / Banks DETAILED STOCK REPORT
Report Date: 2023-Feb-02

INDICATOR COMPONENTS
The AVERAGE SCORE combines the quantitative analysis of five widely-used investment decision making tools: Earnings,
Fundamental, Relative Valuation, Risk, and Price Momentum. A simple average of the underlying component ratings is normally
distributed to rank stocks on a 1-10 scale (10 being awarded to the most favorable). These factors may be evaluated differently using
alternative methodologies and the importance of individual factors varies across industries, market capitalization and investment styles.
Additional criteria should always by used to evaluate a stock.

Earnings Fundamental Relative Valuation Risk Price Momentum

PEER ANALYSIS Currency in INR

PRICE MOMENTUM VALUATION FUNDAMENTAL ANALYSTS

Average Price 1-Mo 3-Mo 1-Yr Market Trailing Forward Dividend Net LTG I/B/E/S # of
Score Ticker (2023-02-01) Return Return Return Cap PE PE Yield Margin Forecast Mean Analysts
10 CANBK 284.45 -15.4% -2.6% 9.9% 527.9B 5.6 -- 2.3% 9.5% -- Buy 13
5 IOB 27.20 -14.5% 45.1% 30.8% 514.1B 28.3 25.9 -- 8.6% -- Strong Sell 1
9 UNIONBANK 73.95 -9.2% 40.6% 58.9% 511.9B 7.4 -- 2.6% 8.2% -- Hold 6
1 YESBANK 16.90 -21.9% 9.0% 26.6% 503.2B 38.3 24.0 -- 3.6% -- Sell 14
6 AUBANK 611.85 -6.9% -0.29% -9.2% 402.5B 29.8 23.0 0.08% 15.8% -- Buy 23
8 IDFCFIRSTB 56.50 -7.6% 1.4% 19.1% 347.5B 18.1 14.5 -- 8.2% -- Hold 12
9 BANKINDIA 79.70 -12.9% 29.0% 44.8% 319.7B 10.8 -- 2.5% 6.2% -- Buy 3
10 FEDERALBNK 131.35 -4.6% -0.42% 31.0% 279.2B 10.2 8.7 1.4% 15.0% -- Buy 25
9 CENTRALBK 28.80 -10.8% 41.9% 34.6% 247.8B 18.0 13.7 -- 5.2% -- Buy 1
8 MAHABANK 28.70 -6.1% 42.1% 39.7% 186.8B 9.7 -- 1.7% 12.5% -- -- --
10 EQUITASBNK 53.20 -11.3% 4.2% -4.6% 68.6B 15.0 12.7 -- 11.5% -- Strong Buy 12
7.7 Average 126.60 -11.0% 19.1% 25.6% 355.4B 17.4 17.5 1.8% 9.5% -- Hold 11

PEER COMPANIES
AUBANK AU Small Finance Bank FEDERALBNK Federal Bank
BANKINDIA Bank of India IOB Indian Overseas Bank
CANBK Canara Bank MAHABANK Bank of Maharashtra
CENTRALBK Central Bank of India UNIONBANK Union Bank of India
EQUITASBNK Equitas Small Finance Bank YESBANK Yes Bank

Page 2 of 11
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IDFC FIRST BANK (IDFCFIRSTB-IN)
Banking & Investment Svcs. / Banking Services / Banks DETAILED STOCK REPORT
Report Date: 2023-Feb-02

EARNINGS Currency in INR

POSITIVE OUTLOOK: Strong earnings with Earnings Score Averages

recent analyst upgrades or a history of Banking Services Group: 6.4 Large Market Cap: 5.6
surpassing consensus estimates. Banking & Investment Svcs. Sector: 6.2 BSE Sensex Index: 6.1

Earnings Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive FEDERALBNK 8 10 10 10 10
IDFCFIRSTB 3 5 8 10 9
Neutral AUBANK 8 8 8 6 8
YESBANK 3 2 6 9 3
Negative
BANKINDIA NR NR NR NR NR
2020-01 2021-01 2022-01 2023-01

EARNINGS INDICATORS
Earnings Surprises Estimate Revisions Recommendation Changes
(33.3% weight) (33.3% weight) (33.3% weight)

FEDERALB… IDFCFIRST… AUBANK

IDFCFIRST… FEDERALB… BANKINDI…

AUBANK YESBANK FEDERALB…

YESBANK AUBANK IDFCFIRST…

YESBANK

BANKINDI… BANKINDI…

Last 4 Quarters Last 4 Weeks Last 120 Days

# Positive Surprises (>2%) 3 # Up Revisions 1 # Broker Upgrades 1
# Negative Surprises (<-2%) 1 # Down Revisions 0 # Broker Downgrades 1
# In-Line Surprises (within 2%) 0 Avg Up Revisions 8.3%
Avg Surprise 5.3% Avg Down Revisions 0.00%

HIGHLIGHTS PRICE TARGET

- IDFC First Bank currently has an Earnings Rating of 9, with two of The chart indicates where analysts predict the stock price will be within
three components rated as bullish (7 or greater). The average the next 12 months, as compared to the current price.
Earnings Rating for its Banks industry is 7.7 and the S&P BSE
SENSEX index average is 6.1. 100 12-Month Price Target
Mean (INR) 53.80
- On 2023-01-24, the company announced quarterly earnings of 0.98 80.00 HIGH
56.50 High 75.00
per share, a positive surprise of 22.5% above the consensus 0.80. 60.00
MEAN Low 10.00
Over the past 4 quarters, the company has reported 3 positive, 1
negative, and 0 in-line surprises. The average surprise for this time 40.00 Target vs. Current -4.8%
period has been 5.3%. 20.00 # of Analysts 12
LOW
- IDFCFIRSTB's current quarter consensus estimate has increased over 0.00
the past 90 days from 0.71 to 0.83, a gain of 16.2%. This Current Price Price Target
(INR)
improvement is significantly greater than its industry average of 5.0%
during the same time period.

Page 3 of 11
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IDFC FIRST BANK (IDFCFIRSTB-IN)
Banking & Investment Svcs. / Banking Services / Banks DETAILED STOCK REPORT
Report Date: 2023-Feb-02

EARNINGS PER SHARE

Actuals Estimates
0.980
HIGH
1.000
0.900 MEAN
LOW
Earnings per share (EPS) is calculated 0.900 Quarterly 23-03 23-06
by dividing a company's earnings by the 0.770 Mean 0.825 0.970
number of shares outstanding. Analysts 0.800
tend to interpret a pattern of increasing High 0.830 0.970
0.700
earnings as a sign of strength and flat Low 0.820 0.970
or falling earnings as a sign of 0.600 0.560
# of Analysts 2 1
weakness.
0.500
The charts provide a comparison 22-03 22-06 22-09 22-12 23-03 23-06
between a company's actual and
estimated EPS, including the high and Actuals Estimates
low forecasts. 5.000
HIGH
4.000 MEAN Annual 2023 2024
LOW
Mean 3.314 4.035
3.000
High 3.430 4.340
2.000 Low 3.220 3.630
0.870
1.000 # of Analysts 4 4
0.210

0.000
2021 2022 2023 2024

MEAN ESTIMATE TREND ANALYST RECOMMENDATIONS

Q Q Y Y Price I/B/E/S Mean: Hold (12 Analysts)
23-03 23-06 2023 2024 Target
Strong Buy 3
Current 0.825 0.970 3.314 4.035 53.80
30 Days Ago 0.710 0.970 3.232 3.830 51.60 Buy 2
90 Days Ago 0.710 0.970 3.232 3.830 54.00 Hold 4
% Change (90 Days) 16.2% 0.00% 2.5% 5.4% -0.40%
Sell 3
Current Fiscal Year End: 23-03
Strong Sell 0
Next Expected Report Date: 2023-04-28

EARNINGS SURPRISES
Comparing a company's actual earnings to the mean expectation of Surprise Detail (Last 6 Periods)
analysts results in a difference referred to as a 'positive' or 'negative'
surprise. Research has shown that when a company reports a Surprise Announce Period End Actual Mean Surprise
surprise, it is often followed by more of the same surprise type. Type Date Date EPS EPS (%)
Surprise Summary (Last 12 Quarters) Positive 2023-01-21 2022-12-31 0.980 0.800 22.5%
Positive 2022-10-22 2022-09-30 0.900 0.785 14.6%
Surprise Type Amount Percent
Positive 2022-07-30 2022-06-30 0.770 0.665 15.8%
Positive Quarters (> 2%) 7 58.3%
Negative 2022-04-30 2022-03-31 0.560 0.820 -31.7%
Negative Quarters (< -2%) 5 41.7%
Negative 2022-01-29 2021-12-31 0.460 0.705 -34.8%
In-Line Quarters (within 2%) 0 --
Negative 2021-10-30 2021-09-30 0.180 0.450 -60.0%

ANNUAL REVENUE
A pattern of increasing sales in Actuals Estimates
conjunction with a rising EPS may
influence a buy recommendation, while 240B
2023 2024
flat or falling sales and faltering 210B
203.5B
HIGH
earnings may explain a sell MEAN Mean 160.9B 196.1B
recommendation. A rising EPS with flat 180B LOW
High 162.7B 202.7B
or falling sales may result from
increased cost efficiency and margins, 150B
Low 159.7B 190.4B
rather than market expansion. This Forecasted Growth -20.9% -3.6%
chart shows the sales forecast trend of 120B 96.4B # of Analysts 3 3
all analysts and the highest and lowest
projections for the current and next 90B
2021 2022 2023 2024
fiscal year.

Page 4 of 11
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IDFC FIRST BANK (IDFCFIRSTB-IN)
Banking & Investment Svcs. / Banking Services / Banks DETAILED STOCK REPORT
Report Date: 2023-Feb-02

FUNDAMENTAL
NEUTRAL OUTLOOK: Fundamentals relatively Fundamental Score Averages
in-line with the market. Banking Services Group: 5.2 Large Market Cap: 6.4
Banking & Investment Svcs. Sector: 5.5 BSE Sensex Index: 6.7

Q1 Q2 Q3 Q4
Fundamental Score Trend Peers 2022 2022 2022 2022 Current 3Y Trend
BANKINDIA 5 5 6 6 10
Positive
FEDERALBNK 2 3 3 3 8
Neutral AUBANK 2 2 1 1 4

Negative IDFCFIRSTB 3 3 3 3 4

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 YESBANK 1 2 1 2 2
2020 2021 2022

FUNDAMENTAL INDICATORS
Profitability Debt Earnings Quality Dividend
(25% weight) (25% weight) (25% weight) (25% weight)

AUBAN… FEDER…
IDFCFI… BANKIN…
FEDER… BANKIN…

AUBAN…
BANKIN… YESBA…
BANKIN…
FEDER… IDFCFI…
YESBA…

IDFCFI… AUBAN… AUBAN…

YESBA… FEDER… YESBA…

IDFCFI…

Revenue Growth 24.7% Current Ratio --

Oper. Cash Yield 122.7% Dividend Growth --
For year over year For interim period For latest 12 months For year over year
ending 2022-12 ending -- ending 2022-03 ending --
Gross Margin -- Debt-to-Capital 71.5% Accruals 27.7% Dividend Payout --
For latest 12 months For annual period For latest 12 months For latest 12 months
ending -- ending 2022-03 ending 2022-03 ending --
Return On Equity 8.0% Interest Funding 25.4% Days Sales In Inv. -- Dividend Coverage --
For interim period For interim period For annual period For annual period
ending 2022-09 ending 2022-03 ending -- ending --
Net Margin 8.2% Interest Coverage 1.2 Days Sales In Rec. -- Current Div. Yield --
For latest 12 months For interim period For annual period For latest 12 months
ending 2022-12 ending 2022-03 ending -- ending --

HIGHLIGHTS
- IDFC First Bank currently has a Fundamental Rating of 4. The - IDFCFIRSTB's operating cash yield of 122.7% is substantially above
average Fundamental Rating for its Banking Services industry group is the Banking Services industry group average of -40.7%.
5.2 and the S&P BSE SENSEX index average is 6.7. - IDFC First Bank does not currently pay a dividend. Of 296 firms within
- The company's net margin has been lower than its industry group the Banking Services industry group, it is among the 226 companies
average for each of the past five years. without a dividend.
- The company's debt-to-capital has been higher than its industry group
average for each of the past five years.

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IDFC FIRST BANK (IDFCFIRSTB-IN)
Banking & Investment Svcs. / Banking Services / Banks DETAILED STOCK REPORT
Report Date: 2023-Feb-02

RELATIVE VALUATION
NEUTRAL OUTLOOK: Multiples relatively in-line Relative Valuation Score Averages
with the market. Banking Services Group: 4.6 Large Market Cap: 3.9
Banking & Investment Svcs. Sector: 4.5 BSE Sensex Index: 4.1

Relative Valuation Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive BANKINDIA 10 10 9 9 9
IDFCFIRSTB 5 7 7 7 7
Neutral FEDERALBNK 6 6 6 6 6
AUBANK 3 3 3 3 3
Negative
YESBANK 3 2 2 2 2
2020-01 2021-01 2022-01 2023-01

RELATIVE VALUATION INDICATORS

Price to Sales Trailing PE Forward PE
(50% weight) (25% weight) (25% weight)

BANKINDI… FEDERALB…
BANKINDI…
FEDERALB… IDFCFIRST…

IDFCFIRST… AUBANK
IDFCFIRST…
AUBANK YESBANK

FEDERALB…
AUBANK YESBANK
YESBANK

BANKINDI…

Price to Sales -- Trailing PE -- Forward PE --

5-Yr Average -- 5-Yr Average -- 5-Yr Average --
Rel. to 5-Yr Avg. -- Rel. to 5-Yr Avg. -- Rel. to 5-Yr Avg. --
BSE Sensex Index -- BSE Sensex Index -- BSE Sensex Index --
Rel. to BSE Sensex -- Rel. to BSE Sensex -- Rel. to BSE Sensex --

HIGHLIGHTS
- IDFC First Bank currently has a Relative Valuation Rating of 7 which is - Based on Trailing P/E, IDFCFIRSTB currently trades at a 14%
significantly above the S&P BSE SENSEX index average rating of 4.1. Premium to its Banking Services industry group peers. On average,
the company has traded at a >100% Premium over the past five years.
- IDFCFIRSTB's Price to Sales, Trailing P/E, and Forward P/E multiples
are all significantly below (less expensive than) their 5-year averages. - Based on Forward P/E, IDFCFIRSTB currently trades at a 20%
Discount to its Banking Services industry group peers. On average,
- Based on Price to Sales, IDFCFIRSTB currently trades at a 40% the company has traded at a 78% Premium over the past five years.
Discount to its Banking Services industry group peers. On average,
the company has traded at a 17% Discount over the past five years.

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IDFC FIRST BANK (IDFCFIRSTB-IN)
Banking & Investment Svcs. / Banking Services / Banks DETAILED STOCK REPORT
Report Date: 2023-Feb-02

PRICE TO SALES TRAILING PE

The most recent week's close price divided by the revenue per share. The most recent week's close price divided by the sum of the four most
recently reported quarterly earnings.
Price to Sales: -- Trailing PE: --
5-Year Average: -- 5-Year Average: --
BSE Sensex Index Average: -- BSE Sensex Index Average: --
Banking Services Group Average: -- Banking Services Group Average: --
10.0 >50
9.0 45
8.0 40
7.0 35
6.0 30
5.0 25
4.0 20
3.0 15
2.0 10
1.0 5
0.0 0
2018 2019 2020 2021 2022 2018 2019 2020 2021 2022

FORWARD PE FORWARD PEG

The most recent week's close price divided by the sum of the four The Forward P/E divided by the five-year forecasted growth rate.
upcoming quarterly consensus estimates.
Forward PE: -- Forward PEG: --
5-Year Average: -- 5-Year Average: --
BSE Sensex Index Average: -- BSE Sensex Index Average: --
Banking Services Group Average: -- Banking Services Group Average: --
>50 >5.0
45 4.5
40 4.0
35 3.5
30 3.0
25 2.5 This valuation data is not available
20 2.0
15 1.5
10 1.0
5 0.5
0 <0.0
2018 2019 2020 2021 2022 2018 2019 2020 2021 2022

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IDFC FIRST BANK (IDFCFIRSTB-IN)
Banking & Investment Svcs. / Banking Services / Banks DETAILED STOCK REPORT
Report Date: 2023-Feb-02

RISK
POSITIVE OUTLOOK: Consistent return Risk Score Averages
patterns (low volatility). Banking Services Group: 5.2 Large Market Cap: 8.8
Banking & Investment Svcs. Sector: 5.0 BSE Sensex Index: 9.7

Risk Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive AUBANK 10 9 10 10 10
FEDERALBNK 10 9 9 9 9
Neutral IDFCFIRSTB 9 8 8 9 9
BANKINDIA 9 7 5 5 5
Negative
YESBANK 8 5 4 4 3
2020-01 2021-01 2022-01 2023-01

RISK INDICATORS
Magnitude of Returns Volatility Beta (1-year) Correlation
(25% weight) (25% weight) (25% weight) (25% weight)

AUBAN…
AUBAN… AUBAN… BANKIN…
FEDER… FEDER… FEDER…
IDFCFI… IDFCFI… IDFCFI…
YESBA…

BANKIN… BANKIN…
YESBA… YESBA…

AUBAN…
BANKIN…
FEDER…
YESBA…
IDFCFI…

Daily Returns (Last 90 Days) Standard Deviation Beta vs. BSE Sensex 1.43 Correlation vs. BSE Sensex
Best 5.0% Last 90 Days 2.00 Positive Days Only 1.25 Last 90 Days 46%
Worst -6.9% Last 60 Months 13.47 Negative Days Only 1.62 Last 60 Months 59%
Monthly Returns (Last 60 Months) Intra-Day Swing (Last 90 Days) Beta vs. Group 1.70 Correlation vs. Group
Best 32.1% Average 3.1% Positive Days Only 1.45 Last 90 Days 67%
Worst -42.7% Largest 8.3% Negative Days Only 1.64 Last 60 Months 59%

HIGHLIGHTS RISK ANALYSIS

- IDFC First Bank currently has a Risk Rating of 9 while the S&P Last 90 Days Last 60 Months
BSE SENSEX index has an average rating of 9.7. Best Worst # # Largest Best Worst
- On days when the market is up, IDFCFIRSTB shares tends to Daily Daily Days Days Intra-Day Monthly Monthly
outperform the S&P BSE SENSEX index. However, on days Peers Return Return Up Down Swing Return Return
when the market is down, the shares generally decrease by IDFCFIRSTB 5.0% -6.9% 33 31 8.3% 32.1% -42.7%
more than the index.
- In both short-term and long-term periods, IDFCFIRSTB has AUBANK 4.3% -4.1% 33 30 5.5% 38.8% -56.5%
shown high correlation (>= 0.4) with the S&P BSE SENSEX BANKINDIA 13.0% -6.9% 37 26 15.7% 63.6% -36.8%
index. Thus, this stock would provide only low levels of
diversification to a portfolio similar to the broader market. FEDERALBNK 6.8% -4.3% 32 32 8.7% 21.2% -52.2%
- Over the last 90 days, IDFCFIRSTB shares have been more YESBANK 13.5% -8.1% 29 29 14.5% 70.1% -53.3%
volatile than the overall market. The stock's daily price
fluctuations have exceeded that of all S&P BSE SENSEX index BSE Sensex 2.0% -1.6% 31 32 2.0% 14.4% -23.1%
firms.

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IDFC FIRST BANK (IDFCFIRSTB-IN)
Banking & Investment Svcs. / Banking Services / Banks DETAILED STOCK REPORT
Report Date: 2023-Feb-02

PRICE MOMENTUM Currency in INR

NEUTRAL OUTLOOK: Performance relatively Price Momentum Score Averages

in-line with the market. Banking Services Group: 6.8 Large Market Cap: 5.2
Banking & Investment Svcs. Sector: 6.4 BSE Sensex Index: 5.9

Price Momentum Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive FEDERALBNK 8 8 8 7 7
BANKINDIA 4 9 8 7 5
Neutral IDFCFIRSTB 5 7 7 7 5
YESBANK 7 5 9 8 5
Negative
AUBANK 3 1 7 3 3
2020-01 2021-01 2022-01 2023-01

PRICE MOMENTUM INDICATORS

Relative Strength Seasonality
(70% weight) (30% weight)

FEDERALB…

BANKINDI…
IDFCFIRST… AUBANK
YESBANK YESBANK
AUBANK

FEDERALB…
IDFCFIRST…
BANKINDI…

Relative Strength Indicator (Scale from 1 to 100) Average Monthly Return (Last 10 Years)
IDFCFIRSTB Industry Avg Feb Mar Apr
Last 1 Month 45 44 Company Avg -1.8% -6.3% 1.5%
Last 3 Months 52 51 Industry Avg -3.6% -1.3% 4.9%
Last 6 Months 53 52 Industry Rank 53 of 98 24 of 97 81 of 97

PRICE PERFORMANCE
Daily close prices are used to calculate the IDFCFIRSTB IDFCFIRSTB BSE Sensex
performance of the stock as compared to a
BSE Sensex Close Price (2023-02-01) 56.50 59,708
relevant index over five time periods.
52-Week High 64.30 63,284
-0.7%
1-Week 52-Week Low 28.95 51,360
-0.8%

1-Month
-7.6% - On 2023-02-01, IDFCFIRSTB closed at 56.50, 12.1% below
-2.4% its 52-week high and 95.2% above its 52-week low.
- IDFCFIRSTB shares are currently trading 4.1% below their 50-
1.4% day moving average of 58.92, and 18.4% above their 200-day
3-Month
-2.3% moving average of 47.73.
-3.9% - The S&P BSE SENSEX index is currently 5.7% below its 52-
YTD week high and 16.3% above its 52-week low.
-1.9%

19.1%
1-Year
1.4%

Page 9 of 11
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IDFC FIRST BANK (IDFCFIRSTB-IN)
Banking & Investment Svcs. / Banking Services / Banks DETAILED STOCK REPORT
Report Date: 2023-Feb-02

DETAILED STOCK REPORT TIPS Mean Estimate Trend

The mean estimates show how the consensus has changed over the past 30 days
The Stock Report from Refinitiv is a comprehensive, company-specific analysis that and 90 days for the upcoming two quarters (when available) and two years. The
includes a proprietary Stock Rating along with underlying component indicators and percentage change is calculated for the company as a means for comparison by
supportive data elements. The report is updated daily, although some of the data measuring the difference between the current consensus estimate and that of 90
elements and the ratings are updated weekly. days ago.
Average Score Analyst Recommendations
The Stock Reports Plus Average Score combines a quantitative analysis of five The I/B/E/S Mean is the average recommendation of all analysts covering the stock,
widely-used investment decision making tools - Earnings, Fundamental, Relative as provided by I/B/E/S, the Institutional Brokers Estimate System, from Refinitiv.
Valuation, Risk, and Price Momentum. First, a simple average of the five underlying The recommendations are presented on a five-point standardized scale: strong buy,
component ratings is calculated. Then, a normal distribution is used to rank each buy, hold, reduce, and sell.
stock across the market on a scale of 1 to 10, with 10 being most favorable. A
score of 8 to 10 is considered positive, 4 to 7 is neutral, and 1 to 3 is negative. Earnings Surprises
These five factors may be evaluated differently using alternative methodologies, ● The surprise summary includes the total number of time periods (and
and the importance of individual factors varies across industry groups, market percentage) in the last 12 quarters (quarterly) or last 4 years (annual) in which
capitalization and investment styles. Additional criteria should always be used to earnings surprises were positive, negative, or in-line. In order to be recognized
evaluate a stock. as a positive or negative surprise, the percent must be greater than 2% above or
2% below the consensus, respectively.
A company must have sufficient data available for at least three of the five ● The surprise detail section includes a listing of the company's quarterly earnings
component indicators in order to receive an overall Average Score. Approximately reported for the most recent 6 periods (quarters or years). The consensus
85% of the stocks within the coverage universe meet the criteria to generate a analyst estimate is provided to determine if the actual earnings report
score. represented a positive surprise, negative surprise, or in-line result.
Indicator Components Fundamental
The five indicators that comprise the stock rating are displayed. Like the stock The Fundamental Rating is based on a combination of four fundamental component
rating, the component rating scale is 1 to 10, with 10 being best. A company will factors: profitability, debt, earnings quality, and dividend. Companies that do not
receive an ‘NR’ for No Rating if the required data elements or criteria are not met. A pay a dividend are not penalized. Each factor is equally weighted. Then, equal
detailed section for each component is included in the report. deciles are used to rank each stock across the market on a scale of 1 to 10, with 10
being most favorable. A stock needs to have at least two of the four fundamental
Indicator Trends factors present in order to receive a score.
Within each component section, historical score trends are displayed, typically using
a 4-week moving average over a timeframe of the past three years. The dotted ● Profitability is comprised of four data elements.
orange line indicates the average of the scores over those three years. The most - Revenue Growth: (Net Sales – Previous Net Sales) / Previous Net Sales
recent occurrences of the best and worst scores are also displayed on the chart in - Gross Margin: Gross Profit / Net Sales
grey boxes to put the current score into historical context. - Return on Equity: Net Income / Total Equity
- Net Margin: Net Profit / Net Sales
Next to the trend chart for the company, current score averages are included, along ● Debt is comprised of four data elements.
with peer company comparisons of values from 6 months ago, 3 months ago, 1 - Current Ratio: Current Assets / Current Liabilities
month ago, the most recent value from 1 week ago, and the current score. The four - Debt-to-Capital: Total Debt / Total Capital
closest industry peers are presented based on similar market capitalization. - Interest Funding: (Interest Expense on Debt + Preferred Cash Dividends) /
Funds from Operations
Peer Analysis - Interest Coverage: Earnings before Interest and Taxes / (Interest Expense on
● The Refinitiv Business Classification (TRBC) schema is used for industry Debt + Preferred Cash Dividends)
comparisons. It is designed to track and display the primary business of a ● Earnings Quality is comprised of four data elements.
corporation by grouping together correlated companies that offer products and - Operating Cash Yield: (Operating Cash Flow – Net Income) / Net Income
services into similar end markets. The system includes 10 Economic Sectors, 28 - Accruals: (Net Income – Operating Cash Flow – Investing Cash Flow) /
Business Sectors, 54 Industry Groups, and 136 Industries. Average Net Operating Assets
● The Peer Analysis section of the report compares the company to its ten closest - Days Sales in Inventory: 365 / (Cost of Goods Sold / Inventory)
peers. The peers are selected from the industry based on similar market - Days Sales in Receivables: 365 / (Net Sales / Receivables)
capitalization. The peer listing may have fewer than ten companies if there are ● Dividend is comprised of four data elements. The company must have a current
fewer than ten companies within that industry classification. dividend yield.
- Dividend Growth Rate: (Dividends per Share – Previous Dividends per Share)
Highlights / Previous Dividends per Share
The automated text-generation system from Refinitiv creates highlights - Dividend Payout: Dividends per Share / Earnings per Share
summarizing the most noteworthy data. The bullets will vary by company and will - Dividend Coverage: Funds from Operations / Cash Dividends
change from week to week as different criteria are met. - Dividend Yield: Annual Dividends per Share / Current Market Price per Share

Earnings Indicator Trend

The Earnings Rating is based on a combination of three factors: earnings surprise, The fundamental indicator trend displays either quarterly scores over the past three
estimate revision, and recommendation changes. Each factor is equally weighted. years or annual scores over the past six years, depending on the reporting periods
Then, equal deciles are used to rank each stock across the market on a scale of 1 for the country. The best and worst scores can be easily determined from the
to 10, with 10 being most favorable. A stock needs to have at least two of the three values shown on the chart for each quarter or year.
earnings factors in order to receive a score.
Relative Valuation
● Earnings Surprises - The number of positive and negative surprises within the The Relative Valuation Rating is based on a combination of three component
last 4 periods (quarters or years). factors: Price to Sales (50% weight), Trailing P/E (25% weight), and Forward P/E
● Estimate Revisions - The number of up and down revisions and the average (25% weight). After the weightings are considered to combine individual factors,
percentage change of those revisions within a 4 week period. equal deciles are used to rank each stock across the market on a scale of 1 to 10,
● Recommendation Changes - The number of broker upgrades and downgrades in with 10 being most favorable. These common valuation metrics are evaluated
the last 120 days. against the overall market, the index, and the company's own historic 5-year
averages. A stock needs to have at least one of the three relative valuation factors
Price Target in order to receive a score.
The price target is based on the predictions of analysts covering the stock and
shows the high, low and mean price expected within the next 12 months. ● Price to Sales: Close Price / (Sales for 4 Quarters or 1 Year / Shares
Outstanding)
Earnings Per Share ● Trailing P/E: Close Price / Most Recent 4 Quarters or 1 Year of Earnings
The quarterly and annual earnings per share are presented when available, along ● Forward P/E: Close Price / Upcoming 4 Quarters or 1 Year of Earnings
with the mean, high and low. Quarterly data is displayed for the past 4 quarters
(actual) and the next 2 quarters (estimated). Annual data is displayed for the past 2
years (actual) and the next 2 years (estimated).

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IDFC FIRST BANK (IDFCFIRSTB-IN)
Banking & Investment Svcs. / Banking Services / Banks DETAILED STOCK REPORT
Report Date: 2023-Feb-02

Valuation Averages
Negative values are excluded when calculating the averages. A maximum value of
100 is placed on Trailing P/E and Forward P/E, a maximum value of 5 is placed on
Forward PEG, and a maximum value of 20 is placed on Price to Sales when
calculating the averages. Higher values are rounded down to the maximum for the
averages.

Valuation Multiples
The valuation multiples provide the Trailing P/E, Forward P/E, Forward PEG, and
Price to Sales for the company and the S&P 500 index average. In addition, a
comparison of the current company’s values to its 5-year average and an industry
average are presented. A discount occurs when the company’s ratio is valued
more favorably (lower) than that to which it is compared.

Risk
The Risk Rating displays stocks on a scale of 1 to 10 with 10 being awarded to the
least risky stocks. It is derived by looking at a series of long-term (5-year) and
short-term (90-day) stock performance measures including volatility, magnitude of
returns, beta, and correlation. Each factor is equally weighted. Then, equal deciles
are used to rank each stock across the market. A stock needs to have at least two
of the four risk factors in order to receive a score.

● Magnitude of Returns – The best / worst daily returns in the past 90 days and the
best / worst monthly returns in the past 60 months.
● Volatility – The standard deviation of the stock price over the last 90 days and
last 60 months, along with the average and largest intra-day stock swing.
● Beta – Measures the tendency of a security’s returns to respond to swings in the
market, based on the beta of the company versus the relevant index.
● Correlation – Determines how closely the returns of the stock and the relevant
index move together, measured over the last 90 days and last 60 months.

Risk Analysis
Price analysis for the company and the relevant index is provided over two time
periods. Daily analysis is provided for the last 90 days, whereas monthly statistics
are used for the last 60 months.

Price Momentum
The Price Momentum Rating is based on a combination of two technical
performance factors: relative strength (70% weight) and seasonality (30% weight).
After the weightings are considered to combine individual factors, equal deciles are
used to rank each stock across the market on a scale of 1 to 10, with 10 being most
favorable. A stock needs to have data for the relative strength factor in order to
receive a score.

● Relative Strength – The relative strength of the company for the last 1 month, 3
months, and 6 months on a scale of 1 to 100.
● Seasonality – The average monthly return (price performance) for the current
month and next 2 months for the company and industry, over the past 10 years.
A lower industry rank indicates a higher return.

Price Performance
Daily close prices are used to calculate the price performance of the stock. The
performance of the relevant index is also displayed as a means of comparison.

DISCLAIMER
© 2021 Refinitiv. Republication or redistribution of Refinitiv content, including by
framing or similar means, is prohibited without the prior written consent of Refinitiv.
All information in this report is assumed to be accurate to the best of our ability.
Refinitiv is not liable for any errors or delays in Refinitiv content, or for any actions
taken in reliance on such content.

Any forward-looking statements included in the Refinitiv content are based on

certain assumptions and are subject to a number of risks and uncertainties that
could cause actual results to differ materially from current expectations. There is no
assurance that any forward-looking statements will materialize.

The content in this Refinitiv report does not constitute investment advice or a
recommendation to buy or sell securities of any kind. Past performance is not a
guarantee of future results. Investors should consider this report as only a single
factor when making an investment decision.

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