Other banks don’t have a 100% ownership in all of there subsidiaries. In Kotaks case the value of subsidiaries is much higher as % almost 50% if you remove the holding company discount. But i take your point most banks are trading around 2.2-2.3x core PB value. ICICI bank may be the most expensive one.
Given small size feel Kotak can grow much faster than peers + there is optionality in terms of M and A, Increasing leverage(Kotak has least leverage) will see the Pat growth will be faster than balance sheet growth.
At 19-20x PE, Pat growth over next decade can be 18-20% believe it is fairly priced. Given the rest of the market is so expensive market could come back and start giving premium for 15% consistent growth companies if the rest of the market earnings growth slows down as it happened between 2014-2018
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