All earnings are not same. Needs to be seen in context of cash flow as well as return ratios.
At end of the day any business needs to valued only on basis of all cash flows till eternity.
Most of the valuation of a company is dependent on terminal value. Something like L&T EPC would start seeing a lot of degrowth a decade down the line vs HUL. India’s population is likely to remain around current population till end of century thus providing long runway for FMCG companies.
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