While calculating BVPS of a bank like KMB where lot of value lies in the subsidiaries, it is better to check the standalone BVPS, assign a P/B multiple to it and then add the value of the subsidiaries on an sotp method.
Kotak’s standalone BVPS should be ~420 and assigning a high 3x book value, it gives us 1260 per share. So, one has to justify paying ~500 per share or 1 lakh crore valuation after a certain holdco discount on the subsidiaries (securities, prime, amc and life insurance)
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