Great analysis, quick adds from my side. A. I have noticed that capital first p to book was 3.5 odd in 2016 17 18 (4 also sometimes) eben when their roe was just 12 to 13, while indiabulls was 1 to 1.5 even at 22 roe. So roe by g sec yield did not work out there … by that logic idfcb has always been overvalued. Their roe was not even 4 when they raised 3000 cr qip at 2x book … even now roe is about 10 q3 annualised, and price to book is 1.5. Wondering what other factor is playing a role.
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