Midcaps in sweet spot as valuations fall
Financial Express Mumbai|June 05, 2023
MIDCAPS HAVE BEEN on a good run of late, with the BSE MidCap index hitting an all-time high last week.
SIDDHANT MISHRA
Midcaps in sweet spot as valuations fall

Keeping up its strong run, the index on Friday hit a new lifetime high of 27294.10, surpassing its previous high earlier in the week.

A look at the the price-earnings ratio suggests that valuations have softened. According to the one-year forward blended price/earnings (weighted average of current and next fiscal year's estimate, based on the number of days left in the present year), valuations had peaked in January, with the average midcap valuation being 31.27 on January 18.

On June 20, 2022, the average valuation was at its lowest of 20.51. At present, the same stands at 25.11.

This indicates that the present valuation is 460 bps up from the June 20 lowest and 617 bps down from the January 18 highest.

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