IDFC 12.11.19 CMP 33.

6
IDFC AMC AUM increased by 15K crores in the Quarter. AMC could post around Rs.35
crores Profit after Tax this quarter. Annualized Profit of Rs.140 crores . The valuation for
AMC should be 35 times PAT ie. 4900 Crores. Around net cash payable by way of
dividend of Rs.540 crores.
This leaves IDFC Bank Holding (CMP 42.6) worth Rs.8000 crores (40%)ie. Rs.50 free.
Even if you apply 50% holding company discount to IDFC bank holding. We get an
upside of Rs.25 at current Market Cap of IDFC Ltd and IDFC Bank Ltd.