Q2FY24
No. of shares = 215 cr
Embedded value = 42,908 cr (growth=19% yoy)
VNB (TTM) = 3,797
iev + vnb(ttm)/share = 46,705/215 = 217.23
Valuation(13/Oct/23) = 625/217 = 2.9x
Historical valuation
13/oct/23 = 625/217 = 2.9x
22/jul/23 = 650/212= 3x
26/apr/23 = 532/201 = 2.6x
20/jan/23 = 601/185.5 = 3.2x
21/oct/22 = 530/173 = 3.1x
26/apr/22 = 545/154.89 = 3.5x
22/jan/22 = 630/155 = 4x
22/oct/21 = 680/147 = 4.6x
19/oct/21 = 560/120 = 4.6x
21/jul/20 = 630/113 = 5.5x
23/jan/20 = 610/110 = 5.5x
23/oct/19 = 610/104 = 5.8x
26/apr/19 = 390/98 = 3.9x
VNB for q2fy23 was 1,288 in compared to q2fy24 = 1,411 a growth of 10%. A slowdown compared to historical averages of 20%.
Thanks.
Disclosure – Holding since last few years.
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