Q3 FY24 Update:
No. of shares = 215 cr (As of 31-12-2023 as per published data)
Embedded value (9MFY24) = 45,173 (growth=20% yoy)
VNB (9MFY24) = 2267 Cr
iev + vnb(9MFY24)/share = 47,440/215 = 220.65
Valuation(08/Feb/24) = 591/220.65 = 2.67x
To me, this looks undervalued as compared to its historic valuations.
I am not sure whether my calculations are correct.
This calculation is based on 9MFY24 data.
If the calculation is correct, then it looks undervalued as of now. Even if we consider 3x, then also share price should be 661.
Disc: Holding.
Subscribe To Our Free Newsletter |