Manish, IMO this is an excellent way of looking at companies. If nothing else it forces us to look at companies as a whole. Relative valuation rocks. 
On this specific point i'd like to point out Multiple issues which is not captured by the numbers:
On Business models:
1. Page is a much smaller company than Excide. (2000 cr vs 13,000 cr)
2. Page is at a baby stage in terms of it's evolution and Excide is middle aged
3. From a high level Page topline is probabily much less cyclical than Excide
4. Catalyst's points above around the business models. Which company has the potential to introduce new products to drive sales?
5. Much easier to call out threats to Excide than to Page.
6. Which company can raise prices easily?
On Pricing:
1. Page isn't cheap at 30 PE but who says Excide is dirt cheap at 20 PE
To me .....Excide seems to be a company where you need to time a good purchase price while Page seems to be an all weather company.
Here's a test for you...
If you have to put your entire life time saving on one of the two and you can't withdraw it for the next 20 years which one would that be?
Edited by subu76 - 10/Jun/2011 at 8:34am
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