Revival in growth, stable asset quality, potential write-backs and attractive stock valuation make SBI a perfect bet. The stock is currently trading at 1.54x price-to-book value on a 12-month trailing basis and 1.1x for FY20 ( See: Large value ). SBI has seven non-banking subsidiaries including SBI Life Insurance and SBI Fund Management, which are highly valuable. The bank uses its 22,000 branches to distribute products such as insurance and mutual funds of these subsidiaries, and in return, gains fee income. Analysts at Elara Capital ascribe Rs.92 per share for the subsidiaries with an FY20 target price of Rs.380 for SBI.