I believe the discount between KDDL and Ethos will be lower as compared to any other holding company as KDDL Dial business is growing well, margins are also good and generating good profit as well. For Luxury watches, KDDL is one of the dominant supplier of watch parts and is pioneer in the business of Dials.
Other holding company like Kama Holding trades at high discount due to its Other businesses which are loss making.
In fact KDDL Standalone business is having higher Gross margin and EBITDA margin
KDDL Dial Business:
Ethos standalone margins. way lower than dial business
Ethos Standalone.
KDDL consolidated numbers including Ethos (dilution in margin due to Ethos business)
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