While it is true the Holdco discount is higher vs the historical discount, but I think it is also important to look at SRF’s valuation. Prior to Covid, SRF had a PE between 20-25x, while it is currently at 30x+. It is possible Kama Holdings is discounting for the risk of derating at SRF. While I haven’t studied SRF but I think would need to get a good understanding of SRF before taking a bet on Kama.
Subscribe To Our Free Newsletter |