Tough to predict exact numbers in future…
But if we try to imagine situation after 3 years, if market conditions are stable and nothing happens to disrupt current business model of banks, IDFC First can have significantly larger and granular loan book with healthy profits…it will be one of the 5-6 large banks in private sector, so a valuation of P/B of more than 3 is not unimaginable…
Also book value per share will increase with some shares getting extinguished at the time of reverse merger, equity raise at better valuations hopefully and ofcourse 3 years of profits adding to it…
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