@nithin_Shenoy Might be you are looking at trailing P/BV. you should look at FY 24 P/BV. Further, since both banks have established business models now and are projecting growth of 25% CAGR. I dont think that 1.5 should be the right parameter. Analysts are assigning 3 P/BV to microfinance companies on FY 25 P/BV although I am still conservatively considering FY 24 P/BV. SFBs are still relatively cheap less than 2 times P/BV.
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