Arey sir, forget about the 3x book value which I just assumed for calculation purpose to arrive at some price for sotp. You are again taking the “consolidated book value” of 605 for calculation, which means you are valuing the bank AND life insurance, securities, amc etc at book value as well.
Rather than doing that, it is better if we check the “standalone book value” of Kotak and then value the subsidiaries separately using other valuation metrics which were more relevant to the type of business. For example - PE for amc, securities etc and embedded value/vnb multiple for insurance and so on
| Subscribe To Our Free Newsletter |
