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ICICI Securities Report
Earnings yield curve and earnings growth curve indicate an inverse correlation between the two factors, thereby reflecting a largely rational behaviour (higher the growth expectations, lower the yield).
We have considered the largest player within each industry for calculating the yield (consensus FY24E) and growth expectations (consensus FY22E-FY24E compound annual growth rate) as they are the bellwethers of their respective sectors.
Also, being large caps, their price discovery is much better as is the quality of consensus estimates; this avoids the noise created by idiosyncratic cases of outlier growths and yields.
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