Yes Yash, my estimates of growth and margins are conservative. I like to keep a bit of a margin of safety.
Tips Music is a great quality business, that generates cash at an excellent RoE and growing quite rapidly. There are not many businesses in India showing such numbers.
Even at these valuations, the business looks better than Saregama to me because of better cash allocation practices and a focused approach.
Valuation is my only problem, which I find a bit stretched right now. I also fear that I might not be able to ride the bus again.
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