If you are referring to AurionPro’s valuation having future growth priced in, then, it’s most definitely not. The current PE today is sitting at ~24. That’s in line with the industry. The reason I said it might be overvalued is due to the Pledged Shares which is not to my liking hence requiring a haircut in the valuation.
Honestly, I am unsure about the trajectory and businesses that are going to catch on. Hence, I am unable to give you a good opinion on future valuations. I’d give it the rest of this FY to make my take long term stance.
Your understanding is not wrong. However, my take on reading of Ben Graham’s take on Margin of Safety(MoS) is slightly different. More along Buffett’s early days, I think.
Graham had a numerical way of thinking about MoS. He lived in an era where he was the pioneer doing this stuff. Data was limited, understanding of ratios was new. So a simple % margin from the current valuation vs intrinsic value was sufficient. But today, that simple approach falls flat due to the ease of access. Think how basic PE ratio is considered today but in that time, it was the “sophisticated” way of valuing companies. So, you need more metrics to look at to evaluate (not necessarily numerically calculate) the margin of safety, to get an “edge” over the market. The way F&O traders use complex strategies to get en edge over others.
Today, Graham’s MoS would not allow one to invest at all.
To answer your question, yes, the MoS from Intelligent Investor’s viewpoint is probably 0.
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