Can we still call Nuvama a wealth management company when 2/3rd of the PBT is from capital markets biz. On the contrary, we have Motilal Oswal trading at 12 PE and having contribution of 50% of PAT from wealth management (https://www.bseindia.com/xml-data/corpfiling/AttachLive/e74755db-f79f-409f-a537-68e259ed9a59.pdf).
With this spike in capital markets contribution in recent quarters its getting difficult to have a peer to peer comparison on valuation with the likes of 360 ONE, Anand Rathi etc. The question is whether there is a possibility of derating?
All your views are appreciated on this!
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