As the land value gets appreciated over time and as they are shown at historical costs, the books do not account for the actual value.
Simply taking an example of price to book value.
Currently PB is 14.40 (when land is shown at cost only)
And if the market value of properties is considered, then book value of assets will increase and PB of the company will decrease, which means company might be at cheap valuations from the figures shown currently.
It might be the case that it is already running at high PB 14.40 and already discounted the scenario.
Impact on retail: if anything is available at cheat valuations will help retail or any investor in the long run through capital appreciation.
The above explanation was focused on the valuation not on the fact that how many properties Dmart owns and i don’t consider dmart selling them or keeping them. It is just a simple valuation matric.
There could be other explanations considering other factors.
Does it make sense to anyone or i am being fullish here ? Feel free to point out mistakes (if any).
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