Yes they are conservative.
IN AGM this is the value they Edelweiss share of 20,000 cr, but the market value based on CMP of 60 is around 5500cr. So market is giving only 25% of value what management thinks their worth. So I would rather be conservative rather than aggressive. Hence I think the price around 1300 cr represent approximate price at which Edel sold to PAG in June 2020.
In a meantime , if they delivered good profitability in next few quarters it will be bonus, but I would not put too much hope into that at this point.
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