Much more in depth. Money quote:
According to Vivek Mallya, a practicing chartered accountant in Bengaluru, Thomas Cook has derived its significant valuation from Quess’ performance rather than its own operating margins. “In fact, Thomas Cook could not report adequate profits to cover its MD’s remuneration, and had to seek the Corporate Affairs Ministry’s approval for the excess remuneration,” he said.
So called value investors were actually speculating it seems (knowingly or unknowingly!)
Disc: no positions, not interested either (following because of Prof Bakshi’s interest)
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