You should check why Bajaj Finance is valued at super premium as compared to its peers. That’s because of the excellent cross sell customer base they have. It can keep on getting those excellent ROA’s basis the cross sell base they have which will drive future growth. Mix/kind of customer base/repeat customers is also imp. Good brand/management creates those “AUM, customers, teams etc.” Did Nestle create Maggi or Maggi created Nestle. 
By your logic new ventures by a good brand name should be valued at zero because it doesn’t have any biz?
Lets say for an example Bajaj enters MF biz (I know it already has) will you value it by AUM or pe/pb/etc metric? That’s how 1000cr looks very cheap for Bajaj MF at the 1st day of incorporation (since you know Bajaj has those quality customers to cross sell). Now extrapolate this with the Shriram brand attached to this entity and the grp support and ppl expertise which it can get and then value the co.
I am not sure why you are mixing brand value with the exit valuation. Anyways, my thought on brand value was with respect of the cross sell base and the grp support they can get…
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