A very lazy calculation without much rigor, by projecting full year numbers for subsidiaries
Kotak Life: 3x embedded value
16000*3 = 48000crores
Kotak prime: 9650crores = 2x book value: 19300crores
Other lending subsidiaries book value 5000crores valuation 2.5x book value = 12500crores
Kotak Securities: 20x Earnings : 20* 1700crs = 34000crores
Kotak AMC = Average assets under management = 12% of average assets under management 470000crores = valued at 56000crores
Kotak Mahindra Capital: 6000crores
Others subsidiaries: 5000crores
Total:180000crores
Holding company discount 20%
Value of subsidiaries at 145000crores
Current market cap at 371000crores
Ex subsidiaries: 371000-145000 = 226000crores
Core standalone book value : 110000crores, core price to book at current market cap at 2.05x
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