Stance – Exited my entire holding at 935.
Tips Music is a great quality play. But, valuations have to be considered. The value of any asset is the sum of all future discounted cash flows. For me, the price and value of Tips are matching right now. This has nothing to do with stock performance. The price may outpace the value in the short to medium term. But I was not comfortable in holding Tips Music anymore.
You are correct that Tips and Saregama can not be compared based on PE because their product mix is different and they have a different expensing policy.
I hope I get a chance to re-enter in the business in the future at the right valuations.
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