We tend to see markets overvalue and undervalue companies all the time. The crowd is not wrong other than at extremes. This applies both to the higher extreme when we see companies being valued too richly, as well as the other extreme when companies are given up for dead even when they have substantial assets and a business that continues to grow.
One such sector that has been given up for dead is Telecommunications. India’s oldest and largest player – Bharti Airtel is now valued at less than 2 times book – something that has not been seen in . . .