India most expensive market, no amount of handwaving can justify valuation: Aswath Damodaran
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India is the most expensive equity market in the world, and "no amount of handwaving" can justify its current valuation levels, according to "Valuation Guru" Aswath Damodaran, a professor of finance at New York University and a leading expert on valuation. In his latest blog post, Damodaran highlighted that India trades at a staggering 31 times earnings, 3 times revenue, and 20 times EBITDA in aggregate—multiples that far exceed global averages. "On a PE ratio basis, the cheapest countries of the world are mostly in Africa and the most expensive are India and China, with the U.S. also making the list," Damodaran said. The veteran valuation expert, commonly dubbed as “The Dean of Valuation” by the media, compared India's pricing metrics with other markets, noting that while investors remain captivated by the country’s long-term growth potential, valuations have surged to unsustainable levels. "To look...