Shouldn’t it be other way round or am i missing something, I mean if Manappuram has eroded book value in previous years, their price to book value should be higher due to lower absolute book value. And if even after eroding their book value, their price to book is half that of muthoot, it means their stock price has taken huge beating compared to muthoot finance which again makes manappuram cheap (may be undervalued). Please correct me if I have misunderstood your inference.
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