I think the right way to see the company is the growth in revenues and profits. Stock Price is not in the hand of the company (market behaves irrationally - price in 2008 was out of whac and price in 2019 has also considered too many negatives)
If you look at the 10 year growth for Edelweiss - it has very nicely grown at cagr of 15-20% and I expect it to grow in such a manner over the next 10 years.
Edelweiss management is being prudent by raising funds on balance sheet by selling stake in the Wealth Management business - as the undrawn Bank Funding lines can remain undrawn (banks may refuse to disburse if things become tighter). Further by raising equity in the wealth management business they are getting a floor on stock price.
I feel in the medium to long run - Edelweiss would be split into 3 companies like IIFL or they would get a bank license (either of the 2 would happen)
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