Bull Market Environment Driven By ‘Discount Rate’, Mean Reversion Of ‘PAT, GDP’, Long Term Outlook: ICICI Securities
BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
Indian equities have entered a bull market environment as evidenced by the one year rolled forward price to earnings at 22 times rising beyond the peak of FY08 at approximately 20 times on an ‘ex-ante basis’ and significant broadening of the market rally by market cap size and various investment styles (dividend yield, public sector undertakings, high beta, small caps etc).
Cyclically adjusted price-to-earnings ratio although expensive at 26 times (+1 standard deviation) is still lower as compared to its peak of 34 times in FY08.
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